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Screen AL8824 - Alabama Like-Kind Exchange (1040)

Overview

Use this screen to complete portions of Schedule D. All depreciation and amortization information transfers directly to this screen from the UltraTax CS asset module and then transfers to the relevant form(s). Enter any state-related law differences and details in this screen.
note
  • UltraTax CS lets you specify how to enter asset information. Enter it in either the asset module (Asset tab) or in the various depreciation input screens. When you specify the asset module as the method of asset data entry (this is the default), the information from the input screen is available to make state-specific adjustments. To determine if the asset module is in use for this client, select
    File
    ,
    Client Properties
    , select
    Advanced Properties
    , and then select the
    Enter Asset Detail
     tab. The asset module is in use if the checkbox is marked.
  • If you're not using the asset module as the method of asset data entry, you'll need to enter information in this input screen to override depreciation or amortization amounts on the relevant form(s).
  • You'll need to enter all asset information through the
    Asset
     tab (asset module). This data entry method ensures that Alabama depreciation information transfers properly.
  • For resident returns, all units created in the federal
    8824
     screen are transferred to UltraTax/1040-AL. For nonresident and part-year returns, units created in the
    8824
     screen transfer only if the postal code entered for the asset is
    AL
    . Also, manually created units from the federal
    8824
     screen transfer only if the postal code in the input screen is
    AL
    .

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