Screen SalePT - Sale of Section 179 Property (1120)

General Information

Enter
X
to indicate the asset sold is qualified real property (QRP) asset. The application reports the sale of a QRP asset as two separate items on the Section 179 Disposal Worksheet.
Enter
X
if the disposition was due to a casualty or theft and enter a force code of 3 in the
Treatment
field.
Enter
X
if either PA or WI is entered in the
State postal code
field and the disposal does not qualify for installment treatment.

Installment Sale Information

The application marks this field on proformas when the prior-year like-kind exchange included an installment obligation. Enter the current-year payments received for the obligation in the
Total current year payments received
field.
Refer to the dispositions of qualified real property FAQs and Notice 2013-59, 2013-40 IRB 297 – IRC Section 179 for additional information on the disposition of qualified real property.
An
X
proformas to this field when a percentage is proforma'd to the
Qualified real property section 1245/1250 percentage
field.
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