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Federal input screens

Screen SalePT - Sale of Section 179 Property (1120)

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General Information

Section 1250 property
Enter
X
 to indicate the asset sold is qualified real property (QRP) asset. The application reports the sale of a QRP asset as two separate items on the Section 179 Disposal Worksheet.
Disposition due to casualty or theft
Enter
X
 if the disposition was due to a casualty or theft and enter a force code of 3 in the
Treatment
 field.
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.

Installment Sale Information

Prior year installment from like-kind exchange
The application marks this field on proformas when the prior-year like-kind exchange included an installment obligation. Enter the current-year payments received for the obligation in the
Total current year payments received
 field.
Qualified real property Section 1245/1250 percentage
Refer to the dispositions of qualified real property FAQs and Notice 2013-59, 2013-40 IRB 297 – IRC Section 179 for additional information on the disposition of qualified real property.
Apply qualified real property to current year payments received
An
X
 proformas to this field when a percentage is proforma'd to the
Qualified real property section 1245/1250 percentage
 field.
note
  • If you enter the full amount of the payment received in the
    Total current year payments received
     field, enter
    X
     in this field.
  • If you enter the payment received after applying the section 1245/1250 percentage in the
    Total current year payments received
     field,
    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.

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