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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Which input screens are used to report the like-kind exchange of an asset?

Answer

• Screen 8824
  • In the Income & Deductions, Farm, Farm Rental, and Rent & Royalty folders - Use this screen to enter like-kind exchange information for an asset without a section 179 deduction for an S Corporation and for all like-kind exchanges for a C Corporation. UltraTax CS uses the like-kind exchange information entered in Screen 8824 to complete Form 8824.
  • In the K1 1065, 1041 folder - Use this screen to report separately-stated like-kind exchange information from a passthrough entity in which the C or S Corporation is a partner. UltraTax CS separately states the like-kind exchange information entered in Screen 8824 in the K1 1065, 1041 folder on Schedule K, line 17d and Schedule K-1, Box 17, Code K for an S Corporation. For a C Corporation, UltraTax CS transfers this information to Form 8824.
• Screen 8824PT - Use this screen to enter like-kind exchange information for an asset with a Section 179 expense deduction for an S Corporation. UltraTax CS separately states the like-kind exchange information entered in Screen 8824PT on Schedule K, line 17d and Schedule K-1, Box 17, Code K.

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

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