Screen ALK - Alabama Shareholder's Pro Rata Share Items

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Sale or Exchange of Section 179 Property

Gain (loss) reported separately from federal Schedule K, Line 17d (Force)
Per the Form 4797 instructions, S Corporations are required to separately report to the shareholders the sale, exchange, or other disposition of assets where a Section 179 expense deduction was claimed in a prior year. These asset dispositions are no longer reported on federal Forms 4797, 4684, 6252 or 8824, but instead are separately reported on federal Schedule K, line 17d and in the Schedule K-1 statements. The gain or loss on the disposition of Section 179 assets is calculated from information entered in the SalePT and 8824PT federal screens in the
income
and
activities
folders; and the K1Sale and 8824 screens in the K1 1065, 1041 folder.
The application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount will be included on Form 20S, Schedule K, Net Section 1231 Gain (loss) field.
A not required statement will print detailing this amount. Use this field to replace the calculated amount. If 0 is entered, then no adjustment is made.

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