Screen OthAsset - Forms 4562, 4797 (1040)

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

The application assumes the maximum section 179 deduction is $510,000. Enter an amount in this field to override the calculated amount.

The asset module makes certain assumptions regarding which assets to include in the total cost of section 179 property acquired during the year. Enter an amount in this field to override the calculated amount. This amount transfers to Part I, line 2 of Form 4562. For more information, see Tax assumptions.

The application assumes the threshold cost of section 179 property is $2,000,000. Enter an amount in this field to override the calculated amount.

If you enter information in this field, it overrides the calculated amount.

Enter in the amount of section 179 property and qualified real property placed in service by the spouse. This field is only applicable to married filing separate status returns. The amounts entered here are added to the amount of total cost of section 179 and used to figure one dollar limitation to be divided between the married filing separate returns.

The application assumes that the dollar limitation is divided equally. Enter a percentage to be applied to the dollar limitation for tax year in this field to override the calculated amount.

These elections can be made for the applicable property class lives that are listed in the asset module. When you make an election in the Bonus Depreciation Election statement, the application marks the Elect out of 50% Bonus Depreciation field. To make an election, click the Asset tab of any activity, choose Setup > Options, click the Bonus Depreciation Election button to open the Bonus Depreciation Election statement, and mark the checkbox(es) for the election(s) you want to make.

If the trader has a mark-to-market election under section 475(f) in effect for the tax year, enter information for all gains and losses from sales and dispositions of securities and commodities held in connection with a trading business in the statement attached to this field. Also enter gains and losses from mark-to-market securities and commodities held at the end of the tax year.

To be effective for tax year 2017, the mark-to-market election must have been made by April 15, 2018. To make the election by April 18, 2018, for tax year 2017, select Market-to-Market Election from the Election Description field in Screen Letter. If this election is made, the 2017 application reports a diagnostic that the election was made and Form 3115 may need to be filed.

Note: The limit for transactions in statements is 10,000 for the whole return.

The application defaults to treating 100 percent of the gross proceeds in the statement attached to the Sale and holdings by trader who made a mark-to-market election field as reported on Form 1099-B (or substitute statement). Enter an amount in this field only if an amount less than the amount in the 100% of the gross proceeds entered field was reported on such a statement. Gross proceeds treated as reported on Form 1099-B (or substitute statement) are reported on Form 4797, line 1.

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