Disposal tab or Mass Disposition > Enter Disposal Information dialog
Show all expandable content
note
The Disposal tab is identical to the Enter Disposal Information window.
Use the Disposal tab or Enter Disposal Information window in the asset module to enter or modify disposal information for the current asset or to enter or modify information for a mass disposition. Also, use this tab or window to enter information for preparing Form 4797, Part III, and to enter information for installment sales.
note
Assets transferred to another activity or association cannot be disposed.
To open this tab or window, open the Asset List window and do one of the following steps.
- For a new single disposition:Select Add, enter a description of the asset in the Asset Detail window, then select the Disposal tab.
- For an existing single disposition:Select an asset, then Modify, then select the Disposal tab in the Asset Detail window.
- For a new mass disposition:Select Tasks, Mass Dispositions or select Mass Disposition in the Asset List window, select Add in the Mass Disposition window, enter a description of the disposition, select Continue, select the assets to dispose, and select Continue.
- For an existing mass disposition:Select Tasks, Mass Dispositions or select Mass Disposition in the Asset List window, select a disposition in the list, select Edit , and select Enter Disposal Information.
After you enter the method and date of disposal, boxes appear in the tab that are specific to that method of disposal.
Special information
- Mass dispositions- To record a single disposition involving multiple assets, open the Asset List window and select Tasks, Mass Disposition or select Mass Disposition in the Asset List window. (Note that only the Sold / Scrapped, Like-Kind Exchange, Out of Service, and Retired methods of disposal are available for mass dispositions.)If the current asset was disposed of through a mass disposition, "Mass Disposition - ‹name of mass disposition›" appears in the Disposal tab. If you need to edit the disposal information, close the Asset Detail window and select Tasks, Mass Disposition or select Mass Disposition in the Asset List window.
- Exchanges involving non-qualifying property- The application does not automatically deal with this type of asset disposal. It assumes that all losses are unrecognized.
- Traded assets- Disposal information transfers to UltraTax CS input screens; however, you may need to enter additional information on Form 8824.
- Casualty or theft- Casualty information transfers to UltraTax CS input screens.
- Like-kind exchange- Fixed Assets CS does not transfer the book gain/loss from a like-kind exchange to UltraTax CS. See Like-kind exchanges tax assumption for more information.
- Calculation explanation windows- In the Disposal tab, select any underlined field name to open a window that displays how the amount is calculated.
Fields and buttons
Disposal Wizard
Select this to open the Disposal Wizard, which walks you through the process of entering disposal information.
Date in service (optional)
Enter the date in service in
MMDDYY
format.Enter the date in service to be used for all assets in this Mass Disposition. If you leave this blank, the system will use the date in service of the first asset in the mass disposition to determine if the disposition is short-term or long-term.
Method
Select a method from the dropdown list to indicate the type of disposal for the current asset.
Date disposed
Enter the date of disposition in
MMDDYY
format.For information on the boxes available for each method of disposal, Select the link for the method of disposal. (Note that no additional boxes are available for the Out of Service and Retired methods of disposal.)
note
Underlined fields such as
Total amount
, Realized
, Gain realized
, or Tax gain/(loss)
can be selected to provide a detailed caculation.
