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Screens

Section 179 Summary window

Show all hidden content
Use this window to view an explanation of how the application calculated the maximum section 179 expense for an asset, or to view an asset's maximum section 179 expense.
This window includes a tab for each treatment that isn't a dependent treatment.
You can access this window when the Asset Detail window is open for a current year asset. To open this window, select
Tasks
 then
Display Section 179 Summary
.

Fields & buttons

Election calculation group box
Sec 179 maximum dollar limitation: Real property total
Displays the current year's maximum dollar limitation for a section 179 qualified real property. (Form 4562, line 1)
Sec 179 maximum dollar limitation: Total sec 179 maximum dollar limitation
Displays the total current year's maximum dollar limitation for section 179. (Form 4562, line 1)
Cost of current sec 179 property: Real property total
Displays the cost of all section 179 qualified real property placed in service during the tax year. (Form 4562, line 2)
Cost of current sec 179 property: Total cost of current sec 179 property
Displays the cost of all section 179 property placed in service during the tax year. (Form 4562, line 2)
Threshold cost of sec 179 property
Displays the threshold cost of section 179 property before any reduction in limitation. (Form 4562, line 3)
Reduction in limitation
Displays the difference between the total amount of section 179 property that was placed in service during the current year and the threshold cost of section 179 property. (Form 4562, line 4)
Dollar limitation for tax year
Displays the section 179 limitation adjusted for the total amount of section 179 property that was placed in service during the current year that exceeds the threshold cost of section 179 property. (Form 4562, line 5)
Business income limitation
Displays the amount entered in the
Taxable income
 limitation field (accessed by selecting
Setup
,
Treatments
,
Options
 then the Sec 179 tab for the selected treatment). This amount defaults to the maximum dollar limitation for the section 179 expense. (Form 4562, line 11)
note
  • If you are integrating with UltraTax CS, this
     field doesn't include the business income calculated in UltraTax CS for the client.
  • If the client's business income is less than the maximum section 179 dollar limitation, you need to adjust the amount in the
    Taxable income
     limitation field.
Adjusted sec 179 limitation
Displays the lesser of the business income limitation or the section 179 dollar limitation adjusted for the threshold cost of section 179 property.
Elected cost group box
Elected cost: Real property total
Displays the total elected section 179 qualified real property cost of the client's current-year assets.
Elected cost: Total elected cost
Displays the total elected section 179 cost of the client's current-year assets.
Elected section 179 for current asset
Displays the current asset's section 179 elected cost. This is the amount entered in the
Sec 179 Expensed
 field in the Asset Detail window.
If the asset's elected section 179 cost is more than the maximum section 179 expense allowed for this asset, but you want to keep the amount you have elected, select OK or
Cancel
 to close this window.
Max button
Select to enter the maximum section 179 expense allowed for the current asset in the
Sec 179 Expensed
 field in the Asset Detail window for the current treatment.
note
In the Asset Detail window or in the Elect Section 179 window, press F11 to enter the maximum section 179 expense allowed for the asset.

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