Designating an asset as sold or scrapped
Use the
Sold or Scrapped
method when the property is transferred for money or mortgage, note, or other promise to pay money, or the property is scrapped (abandoned).The gain or loss is based on the proceeds received and transferred to UltraTax CS Form 4797.
Take the following steps to scrap an asset and not report any gain/loss on Form 4797.
- On Form 4797, go to theDisposalscreen.
- LeaveGross proceedsblank.
- SelectNot reportedfrom theType of propertydropdown list.
