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Screen ILAlloc - Illinois Nonbusiness Income (1120)

Income

Enter other nonbusiness income in the statement attached to this field. If an S Corporation, use the class codes to transfer the statement window items to the proper lines on Schedule K-1-P. Find the class code options in the dropdown list and in the following table.
S Type Code
Description
Destination
1
Other income
Schedule K-1-P, line 31
2
Unrecaptured section 1250 gain
Schedule K-1-P, line 28
3
Net section 1231 gain or loss
Schedule K-1-P, line 30
If the corporation has recaptured business expenses, enter the apportionment factor, if relevant, from two years ago. The application uses this to complete the worksheet and calculate the recaptured business expense amount on Schedule NB. Enter
1
 if the corporation operated 100 percent within Illinois, or the proper apportionment factor, including
0
, if the corporation was multi-state. If the company was not in existence two years ago, leave the field blank, and the application won’t use it in the calculation.
If the corporation has recaptured business expenses, enter the apportionment factor from last year. The application uses this to complete the worksheet and calculate the recaptured business expense amount on Schedule NB. Enter
1
 if the corporation operated 100 percent within Illinois, or the proper apportionment factor, including
0
, if the corporation was multi-state.
Enter
X
 if electing to treat all of the corporation’s income, other than compensation, as business income. If this field is marked, the application marks the business income election box on Form IL-1120, Page 1, or Form IL-1120-ST, Page 1, and enters
0
 (zero) on Form IL-1120, Page 2, Step 4, lines 24 and 32, or Form IL-1120-ST, Page 3, Step 6, lines 36 and 44.
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