Assets disposed of with section 179 expense for a 1065 or 1120 client

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

Change to CS Support service hours

Our Support department is closed on [[date]]. However, limited UltraTax CS phone support is available on that date from 9 AM - 5 PM ET due to the approaching deadline.

Links to our most popular tax processing topics are available in the Alerts and notices section on the right side of most pages.

When an asset is disposed of by an S Corporation or a Partnership, the gain or loss is calculated without regard to the section 179 expense taken on that asset. According to Form 4797 instructions, the section 179 expense deduction should be reported separately on the Schedule K. Allowed or allowable depreciation is used for calculating the gain or loss for Form 4797.

Share This