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Screen MASale - Massachusetts Sale of Business Property (1040)

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Overview

Use this screen to complete the Massachusetts version of federal Form 4797 and Schedule D. All depreciation and amortization information transfers directly to this screen from the fixed asset module and then transfers to the relevant forms. Amounts that appear in this screen are automatically transferred from federal Sale Screen. It is important to report any state-related law differences and details in this screen.
For resident returns, all information from federal Sale Screen transfers to UltraTax/1040-MA. For nonresident and part-year resident returns, information entered in federal Sale Screen transfers only if the postal code entered for the asset is
MA
. Also, manually entered information from federal Sale Screen transfers only if the postal code in the input screen is
MA
.
  • UltraTax CS provides a global option that allows you to specify how to enter asset information. You can enter it either in the fixed asset module or in the various depreciation-input screens. When you specify the fixed asset module as your method of asset data entry, this screen is not applicable and the depreciation tab for this input screen does not appear. For details, see Where do I enter asset data.
  • If you are not using the fixed asset module and you wish to override depreciation or amortization amounts on the relevant form(s), you must enter the information in this input screen.

General Information

State use
Enter
1
 to indicate that a current-year installment sale does not qualify for installment sale treatment for Massachusetts purposes. If
1
 is entered, the installment sale information is disregarded and the entire gain / loss transfers to the return.
State does not conform to section 179 QRP treatment
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 Sale Screen data entry only when the asset module has not been used for this return.
Total current year payments received
Enter the amount of the payments received in the current year. If this field is blank, UltraTax CS uses the amount entered in federal Sale Screen.

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