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Screen WIMS - Wisconsin Accumulated and Other Adjustments (1120)

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Schedule 5M - Analysis of Accumulated and Other Adjustments

Balance at beginning of year, if different from federal
Enter balances at the beginning of the tax year in the
AAA
 and/or
OAA
 column(s). These items proforma based on ending balances from last year.
Other additions not including Schedule K income items: AAA
Use the statement to enter additions not automatically transferred to the Accumulated Adjustments Account column on Schedule 5M. The application transfers amounts entered in the
AAA Other additions
 statement in federal Screen Ms to the statement attached to this field. The application transfers the following Schedule 5K income items to Schedule 5M:
  • Net rental real estate income (if positive)
  • Net other rental income (if positive)
  • Interest income
  • Dividend income
  • Royalty income (if positive)
  • Short-term capital gain on Sch 5K, line 7 (if positive)
  • Long-term capital gain on Sch 5K, line 8 (if positive)
  • Net Section 1231 on Sch 5K, line 9 (if positive)
  • Other income (loss) (if positive)
  • Gain on sale of Section 179 assets
  • Gain on like-kind exchange of Section 179 assets
Other additions not including Schedule K income items: OAA
The amount entered in this field is added to the amounts automatically transferred from Schedule 5K. The application transfers the following Schedule 5K income items to Schedule 5M.
  • Tax-exempt interest
  • Other tax-exempt income
Other reductions not including Schedule K expense items: AAA
Use the statement to enter reductions not automatically transferred to the Accumulated Adjustments Account column on Schedule 5M. The application transfers amounts entered in the
AAA Other reductions
 statement in federal Screen Ms to the statement attached to this field. The application also transfers foreign taxes and disallowed entertainment expenses from the federal Schedule K to this statement. The application automatically transfers the following Schedule 5K expense items to Schedule 5M.
  • Net rental real estate income (if negative)
  • Net other rental income (if negative)
  • Royalty income (if negative)
  • Short-term capital gain (loss) on Sch 5K, line 7 (if negative)
  • Long-term capital gain (loss) on Sch 5k, line 8 (if negative)
  • Net Section 1231 on Sch 5K, line 9 (if negative)
  • Other income (if negative)
  • Charitable contributions
  • Section 179 deduction
  • Other deductions
  • Interest expense on investment debts
  • Total Section 59(e)(2) expenditures
  • Shareholder health insurance
  • Total foreign taxes
  • Loss on sale of Section 179 assets
Other reductions not including Schedule K expense items: OAA
The amount entered in this field is added to the amounts automatically transferred from Schedule 5K. The application transfers the following Schedule 5K income items to Schedule 5M:
  • Expenses attributable to tax-exempt interest
  • Officer life insurance premiums
Distributions other than dividends (Force)
These fields default to the distributions from the federal Schedule M-2, line 7. Distributions other than dividend distributions and the columns are completed as follows:
  • If an amount is entered in the
    Distributions other than dividends (Force)
     field in the
    AAA
     column only, and the
    Allow distributions to reduce AAA below zero
     field in federal Screen Ms is not marked, then the application applies the distribution against account balances in the following order: Accumulated Adjustments Account (AAA) and Other Adjustments Account (OAA).
  • If a distribution amount is entered in the
    Distributions other than dividends (Force)
     field in the
    AAA
     and the
    OAA
     column, the application uses the amounts entered as force fields. To enable the application to allow distributions to reduce AAA below zero, enter
    X
     in the
    Allow distributions to reduce AAA below zero
     field in federal Screen Ms.
  • If the two
    Distributions other than dividends (Force)
     fields are blank, the application applies the total distribution amount from the federal return against the Wisconsin balance in AAA and then OAA.
  • Amounts entered in the
    Distributions other than dividends (Force)
     field in the
    AAA
     and the
    OAA
     column transfer to Schedule 5S, Page 4, line 16d, column d Property distributions amount under Wisconsin law.

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