1120-US: Input screens used to report the sale of an asset (FAQ)

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Question

Which input screens are used to report the sale of an asset?

Answer

Notes

  • Screen Sale in the Schedule D folder should be used to report current-year installment sale of nondepreciable assets. The gain from Form 6252 transfers to Schedule D for the 1120 or 1120S return and does not transfer to Form 4797.
  • Screen SalePT is not applicable to C Corporations. Use Screen Sale to report all sale information for C Corporations.
  • UltraTax CS provides a return-specific option to specify the method of entering asset information: either enter asset information in the asset module or in the various depreciation screens. If you choose the asset module as the method of data entry, Screen Sale is not applicable and does not appear. To enter asset information using Screen Sale, choose File > Client Properties > Advanced Properties > Enter Asset Detail tab. For more information, see Where do I enter asset data.

Related topic: 1120-US: Sale or disposal of assets FAQs

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