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CoCounsel Legal
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2026 SKILLS showcase
Join weekly sessions to experience in-depth demonstrations of the leading legal AI products while connecting with strategic law firm leaders in knowledge management, innovation, and AI.
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Ghosts on the ledger
Payroll fraud is a major compliance risk. Learn how payroll analytics and AI-powered tools can help exorcise phantom employees and employers.
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Future of professionals report 2025
The Thomson Reuters Future of Professionals Report 2025 reveals how AI continues to shape professional work — and what it takes to get ahead. This year’s report shows that increased efficiency, productivity, and cost savings top the list of benefits professionals attribute to AI, making it indispensable for organizations facing rapid change.
Screen NMAdjS - New Mexico Adjustments (1120)
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Additions and Subtractions
Interest income from municipal bonds
Interest income from municipal bonds transfer to this statement from the federal return. To include amounts on the New Mexico return, enter adjustments in the Non-New Mexico Bond Income or New Mexico Bond Income columns in the statement.
Interest from US government obligations
U.S. government obligations transfer to this statement from the federal return. To exclude an item from the New Mexico return, delete the amount or the entire line item from the statement. The modified column is displayed in black and will not overwrite the new data with subsequent federal-to-state data transfers.
Sale or Exchange of Section 179 Property (S Corp)
Gain (loss) reported separately from federal Schedule K, Line 17d (Force)
Per the Form 4797 instructions, S corporations are required to separately report to the 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 Form 4797, Form 4684, Form 6252, or Form 8824, but instead are separately reported on 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 federal SalePT and 8824PT Screens in the Income and activities folders, and the K1Sale, and 8824 Screens in the K11065, 1041 folder.
The basis of the asset is reduced by the amount of the Section 179 deduction when calculating the gain or loss. This amount will be included on Form S-Corp-1, line 2.
A nonsubmittable statement will print detailing this amount. Use this force field to override the calculated amount. If
0
is entered, no adjustment will be made.