Screen NEAdjS - Nebraska Adjustments (1120)

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Schedule A - Adjustments to Income

State and local government interest and dividend income
Tax-exempt interest and expenses attributable to tax-exempt interest transfer to this statement from the federal return. To include state and local government interest and dividend income in the return, enter adjustments in the
State Amount
column of the statement.
Qualified US government interest deduction
U.S. obligation interest transfers to this statement from the federal return. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers. See the statements overview for more information.

Sale or Exchange of Section 179 Property

Gain (loss) reported separately from federal Schedule K, line 17d (Force)
Per the Form 4797 instructions, S Corporations are required to separately report to shareholders the sale, exchange, or other disposition of assets where a section 179 expense deduction was claimed in a prior year. These asset dispositions are no longer reported on federal Forms 4797, 4684, 6252, or 8824, but instead are separately reported in federal Schedule K, line 17d and in the Schedule K-1 statements. The gain or loss on the disposition of section 179 assets is calculated from information entered in the SalePT and 8824PT federal screens in the
Income
and
activities
folders, and the K1Sale and 8824 screens in the K1 1065, 1041 folder.
The application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount will be included on Form 1120-SN, Schedule A.
A not-required statement will print detailing this amount. Use the
Force
field to override the calculated amount. If 0 is entered, no adjustment will be made and no statement will print.

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