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Ghosts on the ledger
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Future of professionals report 2025
The Thomson Reuters Future of Professionals Report 2025 reveals how AI continues to shape professional work — and what it takes to get ahead. This year’s report shows that increased efficiency, productivity, and cost savings top the list of benefits professionals attribute to AI, making it indispensable for organizations facing rapid change.
Screen ARDepr - Arkansas Depreciation Adjustments (1120)
Show all hidden content
Disposition of Assets
Depreciation disposition adjustment
The application calculates the
Calculated Amount
based on data entered in the asset module. Use the Force
field to change the amount calculated by the application.note
The adjustment amount is the difference between the total depreciation in the
Tax
column and Arkansas
column of the asset module for any assets disposed of during the current year.Section 179 Adjustments
Carryover from prior years
Enter an amount if the client has a Section 179 carryover from the prior year. The application calculates the Section 179 carryover and proformas it to the next year.
Business income limitation (Force)
Enter an amount to force the business income limitation used to calculate the Section 179 expense deduction. Enter 0 if it applies. If this field is blank, the application uses the amount from federal Form 4562.
Sale or Exchange of Section 179 Property
Gain (loss) reported separately from federal Schedule K, Line 17d (Force)
Per the Form 4797 instructions, S Corporations are required to separately report to the shareholders the sale, exchange, or other disposition of assets where a Section 179 expense deduction was claimed in a prior year. These asset dispositions are no longer reported on federal Forms 4797, 4684, 6252 or 8824, but instead are separately reported on federal Schedule K, line 17d, and in the Schedule K-1 statements. The gain or loss on the disposition of section 179 assets is calculated from information entered in the federal SalePT and 8824PT screens in the
Income and activities
folders, and the K1Sale and 8824 screens in the K1 1065, 1041 folder.The application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on Form AR1100S, Schedule A, line 6; and Form AR K-1.
A
not required
statement will print detailing this amount. Use the Force
field to override the calculated amount. If 0 is entered no adjustment will be made.