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Federal input screens

Screen 4684PY - Prior Year Casualty and Theft (1120)

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Overview

Enter current-year casualty or thefts in the 4684 screen. If you enter current-year casualty or thefts in the 4684PY screen, they are not reported correctly on Form 4684.
If replacement property was purchased in the year following the casualty or theft, complete the Replacement Information section in the 4684PY screen. The replacement information is included in a statement for Form 4684.

General Information

Date of casualty or theft
Only one date of casualty per occurrence is allowed.
State postal code
Some state applications use this information to calculate the state return.

Prior Year Casualty or Theft Information

Date acquired
Enter the date each property was acquired. Enter
I
 or
999998
 in the
Date acquired
 field to designate an asset as inherited; UltraTax/1120 treats this as a long-term holding period.
Fair market value before / after loss
The application allows an entry of zero in the
Fair market value after loss
 fields.

Replacement Information

Prior year cost of replacement property
Enter the cost of the replacement property that was purchased in a prior year. This amount combines with the amount in the
Current year cost of replacement property
 field and this information prints in a statement for Form 4684.
Current year cost of replacement property
Enter the cost of the replacement property that was purchased during the tax year. This amount combines with the amount in the
Prior year cost of replacement property
 field and prints this information in a statement for Form 4684.

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