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Section 179 disposal worksheet - Gain and loss information
Fields are available to calculate the gain or loss for each asset shown on the section 179 disposal worksheet. UltraTax CS also calculates the gain or loss on the disposal of Section 179 asset(s) in a casualty.
note
- If the asset is sold to a related party, and there's a loss on the sale, a loss won't be calculated for the asset. If the asset is sold to a related party and there is gain on the sale, the gain will be calculated for the asset.
- If the asset is sold on installment in the current year, the entire gain on sale is reported for the asset as opposed to a portion of the gain. This is because the gross profit percentage is calculated at the shareholder level.
- If the asset is sold on installment in a prior year, no gain will be reported for the asset. The reason for this is that the entire gain was reported the year of the sale.
This article applies to:
- PRODUCT: UltraTax CS
- Return type: 1120 Corporation
- Subject: Depreciation