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Disposal > State/Other LKE Information
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This topic describes the boxes that appear in the Disposal tab or Enter Disposal Information window when you select Sold / Scrapped as the method of disposal and enter the date on which the asset was disposed.
Fields and buttons
FMV of other property given up
If other property in addition to the like-kind property was given up, enter the fair market value of the other property.
Adj basis of other property given up
If other property in addition to the like-kind property was given up, enter the adjusted basis of the other property.
Cash received
Enter the amount of cash paid by the other party.
FMV of other (not like-kind) property received
If property was given up in addition to the like-kind property, enter the fair market value of the property in this box.
Installment obligation received
Enter the amount of installment obligation received if at least one payment on the note is to be received after the close of the tax year in which the disposition occurred.
Liabilities (including mortgages) given up
Enter any liabilities, including mortgages, that the other party assumes as part of the exchange.
Liabilities assumed
Enter the liability assumed for the like-kind exchange.
Cash paid
Enter the amount of cash paid to the other party in the exchange.
Exchange expenses incurred
Enter any costs of exchanging the property with the new owner.
FMV of non sec 1245 like-kind property received
Enter the fair market value of any non section 1245 like-kind property received. This includes any non section 1245 property entered in the FMV of like-kind property received below. This should be used only for like-kind exchanges with 1245 property.
FMV of like-kind property received
Enter the FMV (fair market value) of the like-kind property received from the other party in the exchange.
Replacement asset for tax box
Asset number
When an asset is disposed of through a personal property exchange the application automatically creates the new asset and enters the next available asset number in this box.
Description
Enter a description of the new asset.
Tax cost
Enter the tax cost basis that should be used for the aggregate asset.