1120-US: Input screens used to report prior-year installment sales (FAQ)

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Question

Which input screens are used to report a prior-year installment sale?

Answer

To report installment sales, use Screens InstPY, SalePT, and K1Sale. Note the following exceptions for each input screen.

Notes

  • Screen InstPY in the Schedule D folder should only be used to report prior-year installment sale information for 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 InstPY to report all prior-year installment sale information for C Corporations.

Related topic: 1120 frequently asked questions

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