JackieCPA Posted January 15, 2024 Report Posted January 15, 2024 Client gets a K-1 from a company that is from South Dakota. Because it is a SD company, there is obviously no MN K1 that is attached to it. The client is a MN resident. The South Dakota company takes bonus depreciation during the year - but the federal K1 does not show it broken down it all goes in with ordinary income. How does the MN preparer for the MN return for the client know that there was bonus depreciation taken to be added back in? Quote
Lee B Posted January 15, 2024 Report Posted January 15, 2024 This information should be disclosed in Box 17 code AD for any K-1 prepared with a MN resident stockholder. Quote
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