1065-US: Including section 179 assets in the mass disposition (FAQ)

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Question

Why aren't assets with section 179 expense in the Assets available to select pane when I do a mass disposition?

Answer

The IRS requires that the sale or like-kind exchange of assets that had section 179 expense passed through to the partners in a previous year must be reported separately.

By default, section 179 assets are not included in the list of available assets. To include section 179 assets in the mass disposition, mark the Include section 179 assets as available assets checkbox in the Section 179 assets group box, and select an option to allocate the disposal information to each asset based on tax cost or tax adjusted basis.

Related topic: Forms 4684, 4797, 6252, and 8824 and Schedule D FAQs (1065)

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