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Section 179 Summary dialog

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Use this window to view an on-screen explanation of how the application calculated the maximum section 179 expense for an asset or to view an asset's maximum section 179 expense.
You can go to this window when the Asset Detail window is open for a current-year asset. To open this window, select Tasks, then Display Section 179 Summary.

Fields and buttons

Election calculation group box

Sec 179 maximum dollar limitation: Real property total
Displays the current year's maximum dollar limitation for section 179 qualified real property. (Form 4562, line 1)
Sec 179 maximum dollar limitation: Total sec 179 maximum dollar limitation
Displays the total current year's maximum dollar limitation for section 179. (Form 4562, line 1)
Cost of current sec 179 property: Real property total
Displays the cost of all section 179 qualified real property placed in service during the tax year. (Form 4562, line 2)
Cost of current sec 179 property: Total cost of current sec 179 property
Displays the cost of all section 179 property placed in service during the tax year. (Form 4562, line 2)
Threshold cost of sec 179 property
Displays the threshold cost of section 179 property before any reduction in limitation. (Form 4562, line 3)
Reduction in limitation
Displays the difference between the total amount of section 179 property that was placed in service during the current year and the threshold cost of section 179 property. (Form 4562, line 4)
Dollar limitation for tax year
Displays the section 179 limitation adjusted for the total amount of section 179 property that was placed in service during the current year that exceeds the threshold cost of section 179 property. (Form 4562, line 5)
Business income limitation
Displays the amount entered in the asset module in the
Taxable income
 limitation field in the Setup, Treatments, Options, then Sec 179 tab for the selected treatment. This amount defaults to the maximum dollar limitation for section 179 expense. (Form 4562, line 11)
note
  • This does not reflect the business income calculated in UltraTax CS for the client.
  • If you use Fixed Assets CS and the client's business income is less than the maximum section 179 dollar limitation, you need to adjust the amount in the
    Taxable income
     limitation box.
Adjusted sec 179 limitation
Displays the lesser of the business income limitation or the section 179 dollar limitation adjusted for the threshold cost of section 179 property.

Elected cost group box

Elected cost: Real property total
The total elected section 179 qualified real property cost of the client's current-year assets.
Elected cost: Total elected cost
The total elected section 179 cost of the client's current-year assets.
Elected section 179 for current asset
The current asset's section 179 elected cost. This is the amount that is entered in
Sec 179 Expensed
 in the Asset Detail window.
If the asset's elected section 179 cost is more than the maximum section 179 expense for this asset, but you want to keep the amount you have elected, select OK or Cancel to close this window.
Max button
Select this to enter the maximum section 179 expense for the current asset in
Sec 179 Expensed
 in the Asset Detail window for the current treatment.
note
Tip:
 In the Asset Detail window or in the Elect Section 179 window, select F11 to enter the maximum section 179 expense for the asset.

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