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Screen MSK1 - Mississippi Schedule K-1, 1065/1041 - General Info (1120)

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Overview

Use the MSK1, MSK1-2, MSK1-3, MSK1-4, MSK1-5, MSK1-6, and MSK1Frgn Screens to enter income and deduction amounts received from partnerships and fiduciaries and to create the facsimile MS K-1 from partnership interests. This facsimile is a required attachment to Mississippi corporate returns when they are paper filed and is also required as part of the electronic submission of a corporate return when filing electronically.

General Information

Use this section to enter general information from the Schedule K-1 received from the pass-through entity. All fields that apply to the federal return transfer automatically from the federal return. Information in this section is used to complete Form 84-132 from pass-through entities.
Corporate partner qualifies for Section 1202 exclusion (S Corp)
Enter
X
 if the S Corporation qualifies for the Section 1202 exclusion treatment for the Section 1202 gain received from the pass-through entity. If this field is marked and amounts are entered in the
Section 1202 gain
 fields in the MSK1-3 Screen, the application transfers the Section 1202 gains to Other Income on the MS Schedule K Income Worksheet and Form 84-132. If this field is not marked and amounts are entered in the
Section 1202 gain
 fields, the application transfers the Section 1202 gains to Net long-term capital gain on the MS Schedule K Income Worksheet and Form 84-132.

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