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Federal input screens

Screen SalePT - Sale of Section 179 Assets (1065)

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Overview

When filing Form 1065, use this screen to enter information for current-year or prior-year installment disposals of assets for which a section 179 expense deduction was previously passed through to the partners. For 1065 and 8865 returns, Forms 4684, 4797, 6252, and 8824 for the partnership aren't completed for these types of asset dispositions. Instead, each asset disposition is separately reported on the Section 179 Sales Worksheet.
note
  • The application provides a client-specific option to specify the method of entering asset information: enter the asset information in either the asset module or in the various depreciation screens. To use this screen to enter asset information, select
    File
    ,
    Client Properties
    ,
    Advanced Properties
    ,
    Enter Asset Detail
     tab, and clear the
    Enter asset detail information
     checkbox to turn off the application default.
  • Electronic Filing:
     See General and input screen-specific topics for electronic returns for data-entry guidelines to prevent electronic filing rejections.

General Information

Unit / Form
The application automatically enters the form and unit number when assets are transferred from the asset module. Enter data in these fields only when you manually enter asset information and use these fields for identification purposes.
Description
If you have multiple units of this screen, the application uses this description (which automatically transfers from the asset module) as the unit description in the folders block. This field is mandatory.
Disposition due to casualty or theft
Enter
X
 if this disposition is due to casualty or theft. Enter
X
 only when
3
 is entered in
Treatment
 in this section.

1065 Sale Information

Date acquired / sold
Enter
V
 to print "Various" for the date on the return. Enter
I
 to print "Inherit" for the date on the return.

Installment Sale Information

Qualified real property section 1245/1250 percentage
The application proformas the qualified real property section 1245/1250 percentage to this field when the prior year qualified real property asset was entered in the Asset module, and sold on the installment basis.
note
  • In the year of sale, the Asset module transfers the information related to a qualified real property asset sold at a gain to two separate
    SalePT
     screens. The application applies the section 1245/1250 percentage to all the amounts transferred from the Asset module.
  • If you enter the full amount of the payment received in
    Total current year payments received
    , enter
    X
     in
    Apply qualified real property percentage to current year payments received
    .
  • If you enter the payment received after applying the section 1245/1250 percentage in
    Total current year payments received
    ,
    clear
     the X in
    Apply qualified real property percentage to current year payments received
    .
Apply qualified real property percentage to current year payments received
An
X
 proformas to this field when a percentage is proforma’d to
Qualified real property section 1245/1250 percentage
.
note
  • If you enter the full amount of the payment received in
    Total current year payments received
    , enter
    X
     in this field.
  • If you enter the payment received after applying the section 1245/1250 percentage in
    Total current year payments received
    ,
    clear
     the X in this field.
  • In the year of sale, the Asset module transfers the information related to a qualified real property asset sold at a gain, to two separate
    SalePT
     screens. The application applies the section 1245/1250 percentage to all the amounts transferred from the Asset module. The application proformas these amounts to the
    SalePT
    screen when the asset is sold on the installment basis.
Current year payments received
Enter the total amount of the current-year payments received that have been applied to principal. Don't include interest.

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