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Disposal tab or Mass Disposition > Enter Disposal Information dialog
Show all hidden content
note
The Disposal tab is identical to the Enter Disposal Information dialog.
Use the Disposal tab or Enter Disposal Information dialog to enter or modify disposal information for the current asset or to enter or modify information for a mass disposition. Also, use this tab or dialog to enter information for preparing Form 4797, Part III, and to enter information for installment sales.
note
Assets transferred to another activity or association cannot be disposed.
To open this tab or dialog, open the Asset List window and do one of the following.
- For a new single disposition:Select the Add button, enter a description of the asset in the Asset Detail dialog, and then select the Disposal tab.
- For an existing single disposition:Highlight an asset, select the Modify button, and then select the Disposal tab in the Asset Detail dialog.
- For a new mass disposition:Select Tasks, then Mass Dispositions or select the Mass Disposition button in the Asset List window, select the Add button in the Mass Disposition dialog, enter a description of the disposition, select Continue, select the assets to dispose, and select Continue.
- For an existing mass disposition:Select Tasks, then Mass Dispositions or select the Mass Disposition button in the Asset List window, highlight a disposition in the list, select the Edit button, and select the Enter Disposal Information button.
After you enter the method and date of disposal, fields appear in the tab that are specific to that method of disposal.
Special information
- Mass dispositions- To record a single disposition involving multiple assets, open the Asset List window and select Tasks, then Mass Disposition or select the Mass Disposition button in the Asset List window. (Note that only the Sold / Scrapped, Like-Kind Exchange, Out of Service, and Retired methods of disposal are available for mass dispositions.)If the current asset was disposed of through a mass disposition, "Mass Disposition - ‹name of mass disposition›" appears in the upper-right corner of the Disposal tab. If you need to edit the disposal information, close the Asset Detail dialog and select Tasks, then Mass Disposition or select the Mass Disposition button in the Asset List window.
- Exchanges involving non-qualifying property- The application does not automatically deal with this type of asset disposal. It assumes that all losses are unrecognized.
- Traded assets- Disposal information transfers to UltraTax CS input screens; however, you may need to enter additional information on Form 8824.
- Casualty or theft- Casualty information transfers to UltraTax CS input screens.
- Like-kind exchange- Fixed Assets CS does not transfer the book gain/loss from a like-kind exchange to UltraTax CS.
- Calculation explanation dialogs- In the Disposal tab, select any underlined field name to open a dialog that displays how the amount is calculated. In these dialogs, you can select the Print button to print the explanation.
Fields & buttons
Disposal Wizard
Select this button to open the Disposal Wizard, which walks you through the process of entering disposal information.
Date in service (optional)
Enter the date in service in MMDDYY format.
Enter the date in service to be used for all assets in this Mass Disposition. If this field is left blank the system will use the date in service of the first asset in the mass disposition to determine if the disposition is short-term or long-term.
Method
Select a method from the drop-down list to indicate the type of disposal for the current asset.
Date disposed
Enter the date of disposition in MMDDYY format.
For information on the fields that are available for each method of disposal, select the link for the appropriate method of disposal. (Note that no additional fields are available for the Out of Service and Retired methods of disposal.)
note
Underlined fields such as
Total amount
Realized
, Gain realized
, or Tax gain/(loss)
can be selected to provide a detailed calculation