Screen HISale - Hawaii Sale of Business Property (1040)

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Overview

Use this screen to review information that transferred from the UltraTax CS asset module. All depreciation and amortization information transfers directly into Screen HISale from the asset module when detailed data entry is used or from federal data entry when summary data entry is used and then transfers to the relevant form(s). It is important to report any state-related law differences and details in Screen HISale.
  • UltraTax CS provides a global option that allows you to specify how you want to enter asset information. Enter it in either the asset module or in the various depreciation input screens. When you specify that you want to use the asset module as the method of asset data entry, this input screen is not applicable and the depreciation tab for this input screen does not appear.
  • If you are not using the asset module and you want to override depreciation or amortization amounts on the relevant form(s), you must enter the information in this input screen.
  • All federal Screen Sale information transfers to UltraTax/1040-HI. All units are included in the calculations for total sources. For nonresident and part-year resident returns, only units with postal code
    HI
    are included in HI source calculations.
State does not conform to Section 179 QRP treatment
UltraTax CS automatically marks this box to indicate that the corresponding federal sale of Section 179 QRP does not apply for state purposes, so the sale is not reported. The screen is completed for consistency with the corresponding federal screen unit.
Date acquired / ... / Depreciation allowed or allowable
If there are
any
assets in
any
activity in the asset module for this return, this field transfers from the information entered in the asset module. It defaults to federal Screen Sale data entry only when the asset module has not been used for this return.

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