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CA K1

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Level 1

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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Level 15
Level 15

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

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


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 1

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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