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Screens

Screen PA4684B - Pennsylvania Business Casualty and Theft Loss (1040)

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Overview

Use this screen to review information that transferred from the UltraTax CS fixed asset module. All depreciation and amortization information transfers directly into the PA4684B screen from the fixed asset module when detailed data entry is used, or from federal data entry when summary data entry is used, then transfers to the relevant forms. It's important to report any state-related law differences and details in the PA4684B screen.
UltraTax CS provides a global option that allows you to specify how you want to enter asset information. You can enter it either in the fixed asset module or in the various depreciation screens. When you specify that you want to use the fixed asset module as your method of asset data entry, this screen isn't applicable and the tab for this screen doesn't appear. Therefore, you need to enter a postal code for each asset in depreciation data entry. For more information, see Asset module overview.
note
  • For resident returns, all units created in the federal 4684 screen transfer to UltraTax/1040-PA. For nonresident and part-year returns, units created in the 4684 screen transfer only if the postal code entered for the asset is
    PA
    . Also, manually created units from the federal 4684 screen transfer only if the postal code in the screen is
    PA
    .
  • When adding or deleting units on this screen, it's required that it be done in the corresponding federal screen instead.

General Information

Unit / Form
When the
Unit
 and
Form
 fields are both 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 the return prints.

Business and Income Producing Properties

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
Alternate basis
Enter the alternative basis for property acquired prior to June 1, 1971. UltraTax CS uses this field to complete Schedule D-71 only if the
Date acquired
 field is prior to June 1, 1971.

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