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Federal input screens

Screen 8824PT - Like-Kind Exchange of Section 179 Assets (1065)

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Overview

Use this screen to enter information for the like-kind exchange of current year assets for which a section 179 expense deduction was previously passed through to the partners. Form 8824 is not completed for these types of asset dispositions. Instead, each asset disposition is separately reported on the Section 179 Like-Kind Exchanges Worksheet for Schedules K and K-1. Like-kind exchange information transfers directly to Screen 8824PT from the asset module where applicable.
note
The application provides a client-specific option to specify the method of entering asset information: enter it either in the asset module or in the various depreciation screens. To use this screen to enter asset information, choose File > Client Properties > Advanced Properties > Enter Asset Detail, and clear the
Enter asset detail information
 checkbox to turn off the application default. For details, see UltraTax CS asset module overview.

General Information

Property given up
Enter the description of the property given up. The application uses this description on the Section 179 Like-Kind Exchange Worksheet and in the folders block of the form view. This field is mandatory.

Information on the Exchange

Enter data in these fields to override data transferred from the asset module or to manually enter asset information when you do not use the asset module. Enter
V
 to print "Various" for the date. Enter
I
 to print "Inherit" for the date.

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