990-US: Sale information reported differently for a section 501 (c)(7), (9), or (17) organization (FAQ)

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

Question

Why is sale information reported differently for a section 501 (c)(7), (9), or (17) organization?

Answer

Under section 512(3)(D), if replacement property was purchased within the requirement period, the gain on the sale is reported only to the extent that the sale price of the old property exceeds the cost of the replacement property. UltraTax CS prepares a worksheet supporting this calculation.

If replacement property has not been purchased, the sale is reported as entered on Form 4797 or Schedule D.

Related topic: 990-US: Sale information FAQs

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