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Screen K1Sale - Section 179 Pass-Through Sale (1041)

General Information

State
Enter the postal code to make the activity’s income state source. If you leave this field blank, the activity’s income isn’t state source.
Sale to related party
Enter
X
to generate a reversing item on Form 4797 for a disallowed loss on the sale.
Does not qualify for installment treatment
For Pennsylvania returns, enter
X
 for a unit that does not qualify for installment treatment.

1065 / 1120S Section 179 Sale Information

Date acquired / Date sold
If you are filing this return electronically, the IRS Publication 5078 does not accept "Various" in the
Date acquired
 or
Date sold
 fields. You must enter a valid date, or the return will be rejected. If you report the sale on Form 4797, Page 1, then you can enter
Inherit
 in the
Date acquired
 field.
Total section 179 expense deduction
The amount you enter should relate to the section 179 expense subtracted before the estate or trust was a partner or shareholder. This amount also indicates that the estate or trust has no section 179 carryover. If you did not use some or all of the section 179 expense, enter the amount actually used in this field.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary
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