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Federal input screens

Screen 4684 - Casualty and Theft Losses (1120)

General Information

The occurrence description transfers from the asset module automatically. You need to enter a description in this field when you enter assets manually.
Enter a unique number for each casualty or theft.

Casualty or Theft Information

Enter
X
 if the gain on the casualty or theft was reported on Form 4797, Part III. Also, enter the casualty or theft information in the Sale screen and enter
X
 in the
Disposition due to casualty or theft
 field in the Sale screen. If part or all of the gain must be recaptured, the capital gain will be reported on Form 4684, line 33, instead of Form 4684, line 34.
For C Corporations, the accumulated depreciation amount in this field should include the amount of any section 179 deduction. S Corporation assets that had section 179 taken in a previous year and were lost in a casualty or theft should be entered in the SalePT screen, not the 4684 screen.
Enter the fair market value (FMV) of the properties before and after the loss. If the
Fair market value after loss
 field is blank, the application assumes that the casualty or theft totally destroyed this property. In that case, the loss is calculated without taking into account any decreases in fair market value. An entry of zero is allowed in the
Fair Market Value after loss
 fields.
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