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Screen PASale - Pennsylvania Sale of Business Property (1040)
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Overview
All depreciation and amortization information transfers directly into the PASale screen from the UltraTax CS fixed asset module and then transfers to the relevant forms.
UltraTax CS provides a global option to specify how to enter asset information. It may be entered in the fixed asset module or on the various depreciation screens. When the fixed asset module is used to enter asset data, this screen isn't applicable and the depreciation tab for this screen doesn't appear. To override depreciation or amortization amounts on the relevant forms without using the fixed asset module, enter the information in this screen. For more information, see Asset module overview.
note
- For resident returns, all units created in the federal Sale screen are transferred to UltraTax/1040-PA. For the nonresident and part-year returns, units created in the Sale screen transfer only if the postal code entered for the asset isPA.
- Add or delete units for this screen in the corresponding federal screen.
General Information
Unit / Form
When both the
Unit
and Form
fields are completed, UltraTax CS matches items coded C
, Cc
, F
, or 4835
with the proper unit in the corresponding Pennsylvania screens. The description of the asset, along with the calculated gain or loss, transfers to the Other income lines of the applicable forms or schedules when printing the return. Code A
, E
, K-1
, K1-T
, 2106
, or M
transfer to Form PA-40 Schedule D or to Form PA-40 Schedule D-1.Disposition due to casualty or theft
When this field is marked, UltraTax CS ignores this screen entirely and the sale is calculated from the casualty and theft information on the PA4684B screen.
State use
If
1
is entered in this field, the sale is considered ineligible for installment sale treatment in Pennsylvania. Use this field for sales that are installment sales at the federal level, but not in Pennsylvania. This field is available at the federal level and the information transfers to this screen.Force gain or loss to Pennsylvania Schedule D
Enter
X
to force the gain or loss from a business or farm sale to Form PA-40 Schedule D.Method of computing 6/1/71 value
If acquired prior to June 1, 1971, any taxable gain from this sale should be reported on Form PA-40 Schedule D-71. UltraTax CS automatically completes Schedule D-71 from this screen. Enter the 6/1/71 valuation method used. The following table lists the valuation codes. The codes may be entered directly or selected from the fieldview.
Code |
Description |
|---|---|
A |
Appraisal |
P |
Proration |
S |
Listed security |
X |
Deemed |
For sales entered on the Sale screen, not including Like Kind Exchanges or Casualty theft, if the Proration method is chosen, UltraTax CS will automatically calculate the Alternative Basis for those assets acquired before 6/1/71. Use the Alternative basis force field to enter an amount different from the calculated amount when UltraTax CS automatically calculated the alternate basis
State does not conform to section 179 QRP treatment
UltraTax CS automatically marks this box to indicate that the corresponding federal sale of section 179 QRP doesn't apply for state purposes, so the sale isn't reported. The screen is completed for consistency with the corresponding federal screen unit.
Sale Information
Alternative basis (Force)
UltraTax CS uses this field to complete Schedule D-71 only if the
Date acquired
field is prior to June 1, 1971. UltraTax CS automatically calculates the alternate basis when the field Method of computing 6/1/71 value
is P
and the PASale screen is located in either the Business, Rent & Royalty, Farm, Farm Rental or K1 folders. Use this field to enter an amount different from the calculated amount when UltraTax CS automatically calculated the alternate basis. For all other instances of the PASale screen (Like kind exchanges or Casualty loss), enter the alternative basis for property acquired prior to June 1, 1971.