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Screen OKAdjS - Oklahoma Adjustments for Multistate Enterprises (1120)

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Income Computation for Unitary Multistate Enterprises

Taxes based on income
The application transfers amounts from the
Taxes and licenses
 statement in the federal Inc Screen, as well as from taxes entered in the federal Farm, Rent, and 4835 Screens. The application assumes these amounts are not taxable to Oklahoma. Enter adjustments to state and local income taxes in the
State Amount
 column of the statement.

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 federal the SalePT and 8824PT 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 is included on Form 512-S, Part 3, line 9. A not required statement prints, detailing this amount. Use this field to override the calculated amount. If
0
 is entered, no adjustment is made.

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