Section 179 Summary dialog

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Use this dialog to view an on-screen explanation of how the application calculated the maximum 179 expense for an asset or to view an asset's maximum section 179 expense.

This dialog is accessible when the Asset Detail dialog is open for a current-year asset. To open this dialog, choose Tasks > Display Section 179 Summary.

Fields & buttons

Election calculation group box

Displays the current year's maximum dollar limitation for section 179 qualified real property. (Form 4562, line 1)

Displays the total current year's maximum dollar limitation for section 179. (Form 4562, line 1)

Displays the cost of all section 179 qualified real property placed in service during the tax year. (Form 4562, line 2)

Displays the cost of all section 179 property placed in service during the tax year. (Form 4562, line 2)

Displays the threshold cost of section 179 property before any reduction in limitation. (Form 4562, line 3)

Displays the difference between the total amount of section 179 property that was placed in service during the current year and the threshold cost of section 179 property. (Form 4562, line 4)

Displays the section 179 limitation adjusted for the total amount of section 179 property that was placed in service during the current year that exceeds the threshold cost of section 179 property. (Form 4562, line 5)

Displays the amount entered in the Taxable income limitation field in the Setup > Treatments > Options > Sec 179 tab for the selected treatment. This amount defaults to the maximum dollar limitation for section 179 expense. (Form 4562, line 11)

Notes

  • his field does not reflect the business income calculated in UltraTax CS for the client.
  • If the client's business income is less than the maximum section 179 dollar limitation, you need to adjust the amount in the Taxable income limitation field.

Displays the lesser of the business income limitation or the section 179 dollar limitation adjusted for the threshold cost of section 179 property.

Elected cost group box

Displays the total elected section 179 qualified real property cost of the client's current-year assets.

Displays the total elected section 179 cost of the client's current-year assets.

Displays the current asset's section 179 elected cost. This is the amount that is entered in the Sec 179 Expensed field in the Asset Detail dialog.

If the asset's elected section 179 cost is more than the maximum section 179 allowed for this asset, but you want to keep the amount you have elected, click OK or Cancel to close this dialog.

Click this button to enter the maximum section 179 expense allowed for the current asset in the Sec 179 Expensed field in the Asset Detail dialog for the current treatment.

Tip: In the Asset Detail dialog or in the Elect Section 179 dialog, press F11 to enter the maximum section 179 expense allowed for the asset.

Related topic

Understanding the Section 179 Summary dialog

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