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Disposal > Related-Party Exchange dialog
Show all expandable content
Use this window to enter data for a related-party exchange when recording an asset disposal.
To open this window, select the Disposal tab in the asset module's Asset Detail window for the asset. Select Like-Kind Exchange from
Method
, enter a date in Date Disposed
, and select Related Party.note
Information in this window is used to complete the related-party information on Form 8824, Like-Kind Exchanges. This data proformas for two years after the year of sale, unless either party has resold the like-kind property. UltraTax CS transfers gains to the form based on the data entered.
Fields and buttons
Related party name, Address, City, State, Zip
Enter the name and address of the related party.
Taxpayer identification number
Enter the related party's taxpayer identification number.
Relationship to you
Enter the related party's relationship to the taxpayer.
Current year disposition of the exchange properties
Related party disposed of property received during this tax year
Mark this checkbox if the related party disposed of the property received during this tax year.
Like-kind property received from related party was disposed
Mark this checkbox if the taxpayer disposed of the property received during this tax year.
Special condition
Select a special condition from the dropdown list. The following items are available in this list.
- Death of either party
- Involuntary conversion
- Non-tax avoidance transaction
Explanation
Enter an explanation of the related-party exchange if a special condition applies. (Start by using the first line provided, and use the second line if you need additional space.)
During this tax year, date exchange property was sold or scrapped
Enter the date on which the exchanged property was sold or disposed of during this tax year.
note
This appears only if the trade occurred prior to 1/1/04.