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Disposal > Form 4797 Part III dialog
Show all expandable content
When the disposal of a real property asset results in a Form 4797 Part III gain, this window pertains to information that the application needs to prepare the form.
After opening the asset module's Asset Detail window for the appropriate asset, select the Disposal tab. The Form 4797 Part III Real Property button is available when you select
Sold / Scrapped
from the dropdown list in the Method
box. Select the button to open the Form 4797 Part III box.The information in this window affects only Part III of Form 4797. The application fills in the necessary boxes based on data you entered in the Depreciation and Disposal tabs. However, you may override any of these amounts.
Fields & buttons
Section 1250
Select this to enter data for section 1250.
The following boxes are available only when you select
Section 1250
.a) Additional depreciation after 1975
Enter additional depreciation after 1975.
b) Applicable %
Enter the recapture percentage if other than 100%.
Result of multiplying by applicable percent
The application multiplies the amount entered in
Additional depreciation after 1975
by the amount entered in Applicable %
and displays the result here.note
In the Form 4797 Part III Real Property window, this box is available only if you select
Section 1250
.c) Difference (gain - a)
The application calculates the difference between the section 1250 gain and the allowable depreciation and displays it in this box.
d) Additional depreciation 1970-75
Enter additional depreciation taken between 1970 and 1975.
e) Lesser of c) or d) =
The application displays the lesser of depreciation taken after 1975 and the depreciation taken between 1970 and 1975.
f) Section 291
Enter the section 291 gain for this asset.
note
The application calculates the section 291 amount and displays it in this box. You cannot override this amount for 1120C and 990 clients.
Gain
The application calculates the gain and displays it in this box. You cannot override this amount.
Recalculate button
Select this to recalculate the gain or loss.
Section 1252
Select this to enable the boxes used to enter data for section 1252.
The following are available only when you select
Section 1252
.a) Soil, water and land-clearing expenses
Enter the soil, water, and land-clearing expenses for section 1252 property.
b) Applicable %
Enter the applicable recapture percentage if other than 100.
Gain
The application calculates the gain and displays it in this box. You cannot override this amount.
Section 1254
Select this to enable the boxes used to enter data for section 1254.
The following are available only when you select
Section 1254
.a) Intangible drilling and development costs, etc.
Enter costs for intangible activities such as drilling and development for section 1254 property.
Gain
The application calculates the gain and displays it in this box. You cannot override this amount.
Section 1255
Select this to enable the boxes used to enter data for section 1255.
The following are available only when you select
Section 1255
.a) Applicable percentage of payments excluded from income
Enter the applicable percentage of payments excluded from income for section 1255 property.
Gain
The application calculates the gain and displays it in this box. You cannot override this amount.