Screen Sale - Sales (1065)

Forms 4797 and 6252 - General Information

The form and unit number automatically complete when assets are transferred from the asset module. Enter data in these fields only when you manually enter asset information and you want to use these fields for identification purposes.
The application uses this description, which automatically transfers from the asset module, as the unit description in the folders block. This field is mandatory.
Enter a code (1, 2, 3, 4, S, L, M, V, X, Y, or Z) based on the nature of the asset. This code controls where the information appears on Form 4797 or Schedule D. The asset module automatically enters the appropriate code based on the nature of the asset.
Enter
X
to transfer the gain to Form 4684, Section B, Part II, Casualty or theft gains from Form 4797. Enter
X
only when code
3
is entered in the
Treatment
field in this section.

Sale Information

Enter
V
to print "Various" for the date on the return. Enter
I
to print "Inherit" for the date on the return. The application uses the dates of acquisition and sale to determine short-term versus long-term transactions and the appropriate part of Form 4797, Form 6252, or Schedule D in which to report sales.
For all Form 4797 dispositions, the application adds this amount to the cost or other basis of the property sold. For current year installment sales, the application reports this amount separately.

Form 4797, Part III - Recapture

Use this section to enter information for Form 4797, Part III. The numbers listed on the left side of each field refer to the line numbers on Form 4797, Page 2. Do not use this section to enter information for assets that the partnership sold at a loss.

Related Party Installment Sale Information

If you enter a date that is more than two years after the date of sale and enter the selling price in the
Selling price of property sold by related party
field, the application automatically marks Form 6252, The second disposition was more than two years after the first disposition (other than dispositions of marketable securities) and enters the date of disposition. If the second disposition occurred less than two years after the first disposition, additional income may be recognized on Form 6252.
Use the statement to enter an explanation if the no tax avoidance exception applies to the disposition. If there is data in this statement and the
Special condition if applicable
field is blank, the application enters an X in the appropriate field on the form and prints the statement.
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