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Screen 4684B - Business Casualty and Theft Loss (1041)

General Information

State
Enter the postal code for the activity’s income to be state source. If you leave this field blank, the activity’s income is not state source.
Casualty / theft number
Enter a unique number for each casualty or theft. If more properties are lost or damaged in a casualty or theft than will fit on one unit of the 4684B Screen, enter the same casualty or theft number on all units for that casualty or theft.

Business and Income Producing Properties

Holding period (Force)
A short-term or long-term holding period is determined based on the dates you entered in the
Date acquired
 and
Date of casualty or theft
fields. Use this field to change the holding period.
Postpone entire gain
Enter
X
if the taxpayer expects to acquire replacement property of sufficient basis to postpone the entire gain, but hasn’t done so in the current year. If the taxpayer acquired all of the replacement property in the current year, enter the replacement information in the Replacement Information section and leave this field blank.
Gain reported on Form 4797, Part III
For a long-term gain, enter
X
 in this field to complete Form 4684, Section B, Part I. Any gain from this property does not carry to Part II. Also, enter
X
 in the
Disposition due to casualty or theft
field on the Sale Screen.

Replacement Information

To calculate the deferred gain and generate a statement with Form 4684, enter replacement properties in the fields that correspond to the lost or damaged properties being replaced. If a property in the Business and Income Producing Properties section is not replaced, leave the corresponding fields in this section blank.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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