U.S. Obligations and out of state tax exempt income (1041 IA)
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Hide expandable textAccording to DIA No. 11DORFC018, Betty J Kingery Trust v. Iowa DOR, deductions are the same as those shown on the federal return, page 1 and should not be adjusted for US Obligation income or Out-state tax-exempt income.
Onvio Tax displays expenses for US obligation on the IA expense allocation worksheet. The state does not allow expenses of municipal income, so the application does not include them on the worksheet.
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