1120-US: Input screens used to report the casualty or theft of assets (FAQ)

Alerts and notices

Question

What input screens are used to report the casualty or theft of an asset?

Answer

Use the following input screens to report the casualty or theft of an asset.

  • Screen 4684: Use this screen to enter a current-year casualty / theft for an asset without a section 179 expense deduction for an S Corporation, and for all current-year casualty / thefts for a C Corporation. UltraTax/1120 uses the information you enter in Screen 4684 to complete Form 4684.
  • Screen SalePT: Use this screen to enter a current-year casualty / theft for an asset with a section 179 expense deduction. UltraTax/1120 separately states the sale information you enter in Screen SalePT on Schedule K, line 17d and Schedule K-1, Box 17, Code K.
  • Screen Ponzi: Use this screen to enter information on a theft loss deduction for a Ponzi-type investment scheme. UltraTax/1120 uses this information to complete Form 4684, Page 3.
  • Screen 4684PY: Use this screen to enter replacement information for a casualty / theft that occurred in a prior year. Per Publication 547, a statement should be attached to the Form 4684 for the year in which you acquire the replacement property. The statement should contain detailed information on the replacement property. Screen 4684PY is used to generate this statement.
  • Screen K1Sale: Use this screen to report separately stated casualty / theft information from a passthrough entity in which the C Corporation or S Corporation is a partner. UltraTax/1120 separately states the casualty / theft information you enter in Screen K1Sale on Schedule K, line 17d and Schedule K-1, Box 17, Code K for an S Corporation. If you are filing a C Corporation return, UltraTax/1120 transfers this information to Form 4684.

Notes

  • Screen SalePT is not applicable to C Corporations. Use Screen 4684 to report all current-year casualties or thefts for C Corporations.
  • UltraTax CS provides a return-specific option to specify the method of entering asset information: you can either enter asset information in the asset module or in the various depreciation screens. If you choose the asset module as the method of data entry, Screen 4684 is not applicable and does not appear. To enter asset information using Screen 4684, choose File > Client Properties > Advanced Properties > Enter Asset Detail tab. For more information, see Where do I enter asset data?.

Related topic: 1120-US: Casualties or thefts FAQs