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A
AGtaxman
Level 2
May 28, 2020
Question

CA K1

  • May 28, 2020
  • 2 replies
  • 22 views

Why doesn't the difference between the Federal and CA gain on disposal of assets (not section 179 assets) get included in the income allocated to Line 1 of the K1?

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2 replies

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
May 28, 2020

The California K-1 doesn't show any adjustments?

Did you prepare the business return or just the 1040 with the K-1?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
A
AGtaxmanAuthor
Level 2
May 28, 2020

Yes, I prepared the entity S corp return.  The K1 shows adjustments on line 1 from Federal to CA.  But it doesn't include the difference in the ordinary gain on disposal of assets.

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