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Federal input screens

Screen 8824 - Like-Kind Exchanges (1065)

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.
Enter the description of the property given up. The application uses the description on Form 6252 and Form 8824 and in the application folders block. This field is mandatory.
The code (
1
,
2
,
S
,
L
, or
M
) in this field describes the nature of the asset and tells the application where to transfer the information on Form 4797 or Schedule D.

Computation of Gain and Basis

The amounts in this section transfer to Form 8824, Part III. Enter data in these fields to override data transferred from the asset module or to manually enter asset information when you do not use the asset module.
Enter the installment obligation received in the like-kind exchange. When Form 8824, line 22 is a gain, a statement prints that displays the calculated values for the gross profit and contract price transferred to Form 6252, lines 16 and 18 based on IRC section 453(f)(6) and Proposed Regulations section 1.453-1(f).

Related Party Exchanges

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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