Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen PA8824 - Pennsylvania Like-kind Exchange (1040)

Show all hidden content

Overview

All depreciation and amortization information transfers directly into the PA8824 screen from the UltraTax CS fixed asset module, then transfers to the relevant forms. It's important to report any state-related law differences and details in the PA8824 screen.
UltraTax CS provides a global option that allows specification of how to enter asset information. It may be entered using the fixed asset module or in the various depreciation screens. When specifying use of the fixed asset module as the method of asset data entry, this screen isn't applicable and the depreciation tab for this screen doesn't appear. To override depreciation or amortization amounts on the relevant forms when not using the fixed asset module, enter the information in this screen.
note
  • For resident returns, all units created in the federal 8824 screen are transferred to UltraTax/1040-PA. For nonresident and part-year returns, units created in the 8824 screen transfer only if the postal code entered for the asset is
    PA
    .
  • Add or delete units for this screen in the corresponding federal screen instead.

General Information

State use
If
1
 is entered in this field, the sale is considered ineligible for installment sale treatment in Pennsylvania. Use this field for sales that are installment sales at the federal level but not in Pennsylvania. This field is available at the federal level, and the information transfers to this screen.
Force gain or loss to Pennsylvania Schedule D
Enter
X
 to force the gain or loss from a business or farm sale to Form PA-40 Schedule D.
Method of computing 6/1/71 value
If acquired prior to June 1, 1971, any taxable gain from this sale should be reported on Form PA-40 Schedule D-71. UltraTax CS automatically completes Schedule D-71 from this screen. Enter the 6/1/71 valuation method used. The following table lists the valuation codes. The codes may be entered directly or selected from the fieldview.
Code
Description
A
Appraisal
P
Proration
S
Listed security
X
Deemed
Like-Kind exchange pursuant to APB Opinion 29
By default, UltraTax CS treats a like-kind exchange as a taxable event. Mark this field if GAAP is consistently used and APB Opinion 29 is followed. UltraTax CS will then allow a tax-free like-kind exchange in this case. If this field isn't marked then no like-kind provisions apply.

Computation of Gain and Basis

Alternate basis
Enter the alternative basis for property acquired prior to June 1, 1971. UltraTax CS uses this field to complete Schedule D-71 only if the
Date acquired
 field is prior to June 1, 1971.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close