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Disposal > Real Property dialog

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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
Method
. 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 fields based on data you entered in the
Depreciation
 and
Disposal
 tabs. However, you can override any of these amounts as necessary.

Fields & 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 field.
c) Difference (gain - a)
The application calculates the difference between the section 1250 gain and the depreciation and displays it in this field.
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 in this field. You can't override this amount.
Recalculate button
Select this button to recalculate the gain or loss.
The following fields 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 field F less FMV of property received in disposal tab).
Lesser of f) or g) - Ordinary Gain
The application displays the lesser of field f) or g).
Total potential unrecaptured section 1250 Gain
The application displays the total potential unrecaptured section 1250 gain in this field.
Override
If you don't agree with the calculated amount that is displayed in
Total potential unrecaptured section 1250 Gain
, you can enter a different amount in this field.

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