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Depreciation

Input screens which are used to report the sale of an asset

Use the following screens to report the sale of an asset:
  • Sale
     - Use this screen to enter sale information for an asset without a Section 179 expense deduction for an S Corporation and for all asset sales for a C Corporation. UltraTax CS uses the sale information you enter in the Sale screen to complete Form 4797.
  • SalePT
     - Use this screen to enter sale information for an asset with a Section 179 expense deduction for an S Corporation. UltraTax CS separately states the sale information you enter in the SalePT screen on Schedule K, line 17d and Schedule K-1, Box 17, Code K.
  • K1Sale
     - Use this screen to report separately stated sale information from a passthrough entity in which the C or S Corporation is a partner. UltraTax CS separately states the sale information you enter in the K1Sale screen on Schedule K, line 17d and Schedule K-1, Box 17, Code K for an S Corporation. For a C Corporation return, UltraTax CS transfers this information to Form 4797.
note
  • Use the Sale screen in the Schedule D folder to report current-year installment sale of nondepreciable assets. The gain from Form 6252 transfers to Schedule D for the 1120 or 1120-S return and doesn't transfer to Form 4797.
  • SalePT isn't applicable to C Corporations. Use the Sale screen to report all sale information for C Corporations.
  • UltraTax CS provides a return-specific option to specify the method of entering asset information: either enter asset information in the asset module or in the various depreciation screens. If you choose the asset module as the method of data entry, the Sale screen isn't applicable and doesn't appear. To enter asset information using Sale, select
    File
    ,
    Client Properties
    , 
    Advanced Properties
    , then the
    Enter Asset Detail
     tab.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1120 Corporation
  • Subject: Depreciation

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