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Disposal > Real Property dialog
When the disposal of a real property asset results in a Form 4797 Part III gain, this window pertains to information the application needs to prepare the form.
After opening the Asset Detail window for the asset, select the Disposal tab. The Real Property button is available when you select Casualty/Theft - No Replacement, Casualty/Theft - Replacement, or Like-Kind Exchange from the
Method
box. Select Real Property to open this window .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 can override any of these amounts as necessary.
Fields and buttons
a) Additional depreciation after 1975
Enter additional depreciation after 1975.
b) Applicable %
Enter the recapture percentage if other than 100%.
Result of multiplying by applicable percent
The application multiplies the amount entered in
Additional depreciation after 1975
by the amount entered in Applicable %
and displays the result in this box.c) Difference (gain - a)
The application calculates the difference between the section 1250 gain and the allowable depreciation and displays it in this box.
d) Additional depreciation 1970-75
Enter additional depreciation taken between 1970 and 1975.
e) Lesser of c) or d) =
The application displays the lesser of depreciation taken after 1975 and the depreciation taken between 1970 and 1975.
f) Section 291
Enter the section 291 gain for this asset.
Gain
The application calculates the gain and displays it here. You cannot override this amount.
Recalculate button
Select this to recalculate the gain or loss.
The following boxes appear only when the asset is being disposed of through a like-kind exchange.
Larger of gain or excess of FMV property received
The application displays the larger of the gain (amount from smaller of unlike property received and realized gain) or excess of FMV of property received (Gain in box F less FMV of property received in disposal tab).
Lesser of f) or g) - Ordinary Gain
The application displays the lesser of box f) or g).
Total potential unrecaptured section 1250 Gain
The application displays the total potential unrecaptured section 1250 gain in this box.
Override
If you do not agree with the calculated amount that is displayed in
Total potential unrecaptured section 1250 Gain
, you can enter a different amount in this box.