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Reddiamond2020
Level 2
11-25-2021
07:08 PM
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One interesting question, anyone be familiar with DC individual return D-40, line 11 "income reported and taxed this year on a DC franchise or fiduciary return"? Based on the instructions, the income reported on 1040 or 1040-SR included income reported and taxed on a DC franchise or DC fiduciary return, enter that amount here. The schedule K-1 income with section 179 already reported in DC franchise tax, so should I put entire income as of line 1 of schedule K-1, or the income after the entire section 179 deduction, or the net income from D-20 (line 32)?
Millions thanks.
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Reddiamond2020
Level 2
12-01-2021
08:35 PM
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Hi, there
Thank you for the reply. So we exclude the taxable income instead of the net income. Like D-20, the taxable income (line 36) are the the net income (line 28) add or deduct on the adjustments as non-business adjustment, DC apportionment factor, NOL, etc.
Again, thank you so much for the reply.
