AGtaxman
Level 1
05-27-2020
07:06 PM
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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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Just-Lisa-Now-
Level 15
05-27-2020
07:39 PM
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The California K-1 doesn't show any adjustments?
Did you prepare the business return or just the 1040 with the K-1?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
AGtaxman
Level 1
05-27-2020
07:52 PM
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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.