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Disposal > Form 4797 Part III dialog

When the disposal of a real property asset results in a Form 4797 Part III gain, this window pertains to information that the application needs to prepare the form.
After opening the asset module's Asset Detail window for the appropriate asset, select the Disposal tab. The Form 4797 Part III Real Property button is available when you select
Sold / Scrapped
 from the dropdown list in the
Method
 box. Select the button to open the Form 4797 Part III box.
The information in this window affects only Part III of Form 4797. The application fills in the necessary boxes based on data you entered in the Depreciation and Disposal tabs. However, you may override any of these amounts.

Fields & buttons

Select this to enter data for section 1250.
The following boxes are available only when you select
Section 1250
.
Enter additional depreciation after 1975.
Enter the recapture percentage if other than 100%.
The application multiplies the amount entered in
Additional depreciation after 1975
 by the amount entered in
Applicable %
 and displays the result here.
The application calculates the difference between the section 1250 gain and the allowable depreciation and displays it in this box.
Enter additional depreciation taken between 1970 and 1975.
The application displays the lesser of depreciation taken after 1975 and the depreciation taken between 1970 and 1975.
Enter the section 291 gain for this asset.
The application calculates the gain and displays it in this box. You cannot override this amount.
Select this to recalculate the gain or loss.
Select this to enable the boxes used to enter data for section 1252.
The following are available only when you select
Section 1252
 .
Enter the soil, water, and land-clearing expenses for section 1252 property.
Enter the applicable recapture percentage if other than 100.
The application calculates the gain and displays it in this box. You cannot override this amount.
Select this to enable the boxes used to enter data for section 1254.
The following are available only when you select
Section 1254
.
Enter costs for intangible activities such as drilling and development for section 1254 property.
The application calculates the gain and displays it in this box. You cannot override this amount.
Select this to enable the boxes used to enter data for section 1255.
The following are available only when you select
Section 1255
.
Enter the applicable percentage of payments excluded from income for section 1255 property.
The application calculates the gain and displays it in this box. You cannot override this amount.
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