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Federal input screens

Screen SalePT - Sale of Section 179 Assets (1065)

Overview

When filing Form 1065, use this screen to enter information for current-year or prior-year installment disposals of assets for which a section 179 expense deduction was previously passed through to the partners. For 1065 and 8865 returns, Forms 4684, 4797, 6252, and 8824 for the partnership aren't completed for these types of asset dispositions. Instead, each asset disposition is separately reported on the Section 179 Sales Worksheet.

General Information

The application automatically enters the form and unit number when assets are transferred from the asset module. Enter data in these fields only when you manually enter asset information and use these fields for identification purposes.
If you have multiple units of this screen, 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
X
 if this disposition is due to casualty or theft. Enter
X
 only when
3
 is entered in
Treatment
 in this section.

1065 Sale Information

Enter
V
 to print "Various" for the date on the return. Enter
I
 to print "Inherit" for the date on the return.

Installment Sale Information

The application proformas the qualified real property section 1245/1250 percentage to this field when the prior year qualified real property asset was entered in the Asset module, and sold on the installment basis.
An
X
 proformas to this field when a percentage is proforma’d to
Qualified real property section 1245/1250 percentage
.
Enter the total amount of the current-year payments received that have been applied to principal. Don't include interest.
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