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Screen Sale - Sale of Business Property (1120)
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Overview
note
The Sale screen in the Schedule D folder should be used to report current-year installment sale of nondepreciable assets. The gain from Form 6252 transfers to Schedule D for the 1120 or 1120S return and does not transfer to Form 4797.
Disposition due to casualty or theft
Mark this field only when a force code of 3 is entered in the
Treatment
field in this screen.Casualty or theft gain postponed
Enter the amount of postponed gain if the asset was disposed of in a casualty or theft, and the cost of the replacement property is less than the amount of insurance proceeds.
Sale to related party
Enter
X
on Form 4797 for a disallowed loss.Does not qualify for installment treatment (State use only)
Enter
X
if either PA or WI is entered in the State postal code
field and the disposal does not qualify for installment treatment.Sale Information
Depreciation allowed or allowable
For C Corporations, the depreciation amount in this field should include the amount of any section 179 deduction. For S Corporations, the sale of any assets with which a section 179 was previously passed to the S Corporation shareholder should be entered in the SalePT screen.
Fair market value / Adjusted basis at S Corporation election date (S Corp)
These fields apply to S Corporations only. If the asset is subject to the S Corporation built-in gains tax, enter the fair market value and the adjusted basis of the asset as of the S Corporation election date. The amount of recognized built-in gain or loss is calculated on that asset. The built-in gains tax allocated to ordinary income items transfers to the Taxes and Licenses line on Form 1120-S, Page 1. The built-in gains tax allocated to section 1231 items reduces the section 1231 gain reported on Schedule K of Form 1120-S. The built-in gains tax allocated to Unrecaptured Section 1250 items reduces the section 1231 gain and the Unrecaptured Section 1250 gain reported on Schedule K of Form 1120-S.