Screen KYK1Sale - Kentucky Sale of Section 179 from Pass-Through Entities (1120)

Show all hidden content

Overview

Use this screen to enter sales information for asset dispositions that were separately stated on the Form 1065, Schedule K-1.

General Information

The information in this section applies to sales of assets that were passed through from the partnership to the C Corporation or S Corporation partner.

Sale Information

Use this section to enter the sales information for asset dispositions that were separately stated on the Form 1065, Schedule K-1.
State does not conform to Section 179 QRP treatment
Enter
X
in this field to indicate that the corresponding federal sale of Section 179 QRP does not apply for state purposes, so the sale is not reported. The screen is completed for consistency with the corresponding federal screen unit.

Installment Sale Information

Use this section to enter current-year installment sale information of assets for which a Section 179 expense deduction was previously passed through to the partner. Enter the remaining gross profit amount as of the beginning of the year. UltraTax CS uses the amount in Screen AMT for passive calculations, if applicable, for C Corporations and to produce the installment sale history statement.

Related Party Installment Sale Information

Use this section to enter related-party installment sale information.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close