Enter information for section 179 expense deduction
Enter the Section 179 information in the following places in Ultra Tax CS/1065:
- In the asset module, use theSec 179 Expensefield.
- If you're entering summary asset information, use the fields in theSection 179,Special Depreciation Allowance,Other and MACRSsection in the 4562 screen.
- Use theSection 179 expense (Force)fields in the SepK screen for each activity to override the calculated section 179 expense. UsePtr Allocto allocate the amount to partners using ratios other than the profit-sharing percentages.
- Use theSection 179 expense deductionfields in the K1-2 screen to enter section 179 expense from a passthrough entity.
- Use the carryover fields in the SepK screen for each activity and the K1-6 screen for each passthrough entity to enter carryovers from a prior year.
- Use the Form 4562–Other Information section in the OthAsset screen in the General folder to override the various lines on Form 4562, Part I or to enter carryovers from a prior year.
