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Screen UTAdjC - Utah Adjustments (1120)
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Schedule B - Additions to Unadjusted Income
State taxes
The application transfers amounts from the
Taxes and licenses
statement in the federal Inc and H Screens, as well as from taxes entered in the federal Farm, Rent, and 4835 Screens. To include state and local taxes on Form TC-20, Schedule B, select a type code and enter state and local income taxes in the Total Taxes
column of the statement. Type Code | Description | Destination |
|---|---|---|
I | Taxes on Income | Schedule B, line 2a |
F | Franchise Taxes | Schedule B, line 2b |
S | Corporate Stock Taxes | Schedule B, line 2c |
R | Foreign Taxes | Schedule B, line 2d |
B | Business Taxes | Schedule B, line 2e |
Gain (loss) on IRC Sections 338(h)(10) or 336(e)
Enter the amount of any gain or loss determined under UC Section 59-7-114(3) regarding a target corporation under IRC Section 338, if that gain or loss has not been included in income, and the amount of any gain or loss determined under UC Section 59-7-115 regarding corporations treated for federal purposes as having disposed of its assets under IRC Section 336(e), if that gain or loss has not been included in income.
The purpose of this addition is to make sure the gain or loss on IRC Sections 338(h)(10) and 336(e) transactions are treated similarly for Utah and federal purposes as a deemed sale of assets. The gain or loss is added only if it has not already been included in income.
Schedule C - Subtractions from Unadjusted Income
Expense reduction for other federal credits
Amounts in this statement transfer from the federal return. To exclude an item from the Utah return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. The following items are automatically transferred from the federal return:
- Alcohol fuel credit
- Biodiesel credit
- Capitalized orphan drug credit
- Capitalized research credit
- Credit to holders of tax credit bonds
- Disabled access credit
- Employer pension plan credit
- Employer provided childcare credit
- Energy efficient home credit
- Low sulfur diesel fuel credit
- Orphan drug credit
- Qualified zone academy credit
- Research credit
- Credit for employer taxes paid on tips
- Credit for small employer health insurance premiums
- Credit for employer differential wage payments.
Federal qualified tax credit bond credit, income increase (Force)
The application automatically populates TC-20 Schedule C with the income increase calculated on federal Form 8912, reduced by any amount entered in the
Federal qualified zone academy bond credit, income increase
field. Use the force field to override the calculated amount.Gain (loss) on stock sale when IRC Sections 338(h)(10) or 336(e) Elected
Enter the gain or loss on the sales of stock included in taxable income, yet not taxable for federal purposes because the transaction is considered to be a deemed sale of assets under IRC Section 338(h)(10) or 336(e). The purpose of this subtraction is to avoid the double taxation that would occur if both the gain on the stock sale and the gain on the deemed sale of assets were included in income. Utah law follows the federal statute that taxes the gain on the deemed sale of assets.
Miscellaneous Corporation Information
Income taxed for federal purposes under the IRC but not included in line 1
If the return is for a real estate investment trust, enter the amount of income taxed for federal purposes but not included in Form 1120-REIT taxable income. This information is used for Part 2 of Form TC-20MC, Schedule A, Real Estate Investment Trust.