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Screen SalePT - Sale of Section 179 Property (1120)
General Information
Section 1250 property
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.Disposition due to casualty or theft
Enter
X
if the disposition was due to a casualty or theft and enter a force code of 3 in the Treatment
field.Does not qualify for installment treatment (State use only)
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
Prior year installment from like-kind exchange
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.Qualified real property Section 1245/1250 percentage
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.
Apply qualified real property to current year payments received
An
X
proformas to this field when a percentage is proforma'd to the Qualified real property section 1245/1250 percentage
field.note
- If you enter the full amount of the payment received in theTotal current year payments receivedfield, enterXin this field.
- If you enter the payment received after applying the section 1245/1250 percentage in theTotal current year payments receivedfield,clearthe X in this field.
- In the year of sale, the Asset module transfers the information related to a qualified real property asset sold at a gain, to two separate SalePT screens. The application applies the section 1245/1250 percentage to all the amounts transferred from the Asset module. The application proformas these amounts to the SalePT screen when the asset is sold on the installment basis.