Designating an asset as sold or scrapped

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Use this method when the property is transferred for money or mortgage, note, or other promise to pay money, or the property is scrapped (abandoned). The gain or loss is based on the proceeds received and transferred to UltraTax CS Form 4797. To scrap an asset and not report any gain/loss on Form 4797, leave the Gross proceeds field blank and select Not reported on Form 4797 in the Type of property drop-down list on the Disposal screen.

Related topics

Entering disposal information

Disposal methods

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