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Screen CAK1-7 - California Schedule K-1, 1065 / 1120S - PAL, Carryovers (1040)
Overview
Use the CAK1 thru CAK1-7 Screens to calculate the California K-1 Reconciliation Worksheets and Schedule CA (540) or Schedule CA (540NR). Amounts that appear in these screens automatically transfer from federal K1 screens or the state allocation spreadsheet.
Passive Activity Information and Carryovers
The information in this section is automatically transferred to this input screen from the federal K1-7 and K1-St Screens.
When state-specific carryover information is available for proforma, the information is proforma'd to the corresponding federal input screen for the activity. Total Sources information is proforma'd to federal K1-St Screen with postal code
CA
. California Sources carryover information is proforma'd to federal K1-St Screen with postal code CS
(California Source). The information is federal-to-state transferred to this screen. California Sources
fields that are blank are assumed to be zero; the calculation does not default to Total Sources amounts.Section 179: California sources
Section 179 amounts entered into UltraTax CS represent
elected
amounts. UltraTax CS calculates the Section 179 expense deduction allowed
for California Sources income by combining the California Sources Section 179 carryover amount with the current-year California Sources elected amount and multiplying that total by the ratio computed by dividing Total Sources Section 179 expense allowed by Total Sources Section 179 expense elected.Publicly Traded Partnership Information & Sales
Complete IRC Section 751 statement for ordinary gain/loss
Partner's Basis Worksheet ending basis is used as cost basis for Schedule D(540). Use Screen PBas1 to review basis information.