Entering detail schedule info into statement (990)

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  • Date Acquired and Date Sold: Enter dates in MM/DD/YY format. If you leave these fields blank, the application assumes short-term status in the F column. Unless you plan to e-file this return, you may also use one of the following:
    • Enter V or 999999 to indicate “Various”
    • Enter I or 999998 to indicate “Inherit”
    • Enter W to indicate “Worthless”

    Note: When you enter Inherit in the Date Acquired field, the application assumes a long-term holding period. When you enter Various in the Date Acquired field, the application assumes a short-term holding period. You may use the F column to change these treatments.

  • Sales Price, Cost, and Expense: Enter the sale price and the cost/basis to calculate the gain. Expenses reduce gain on the Sale.
  • Depr: Enter any depreciation on the capital asset. Amounts you enter in this field reduce the cost of the sale. Depreciation is included in unrelated business income for gains otherwise excluded from unrelated business income.
  • F: Use this field to change the treatment of an asset based on the dates in the Date Acquired and Date Sold fields.
  • Sold To and Name: Choose whether it was sold to an individual or business, and then enter the name or entity to which the asset was sold.
  • UBIT: Enter the Unrelated Business Activity code for Form 990-T. You must make an entry here to generate forms 8949 and 1120/1041D for 990-T filers.
  • Excl: If section 512, 513, or 514 excludes the income from this operation, enter the appropriate exclusion code.
  • Exempt Purpose: Provide a purpose for the exemption.
  • Invest Prop: Mark this field if the asset being disposed is investment property. This field is only available if the client is a Private Foundation.
  • Basis at Disposition, FMV 12/31 1969, and Adj Basis 12/31 1969: When you mark Invest Prop, the application uses amounts from these fields to complete 990-PF, Part IV.
  • Replacement Description and Replacement Cost: For Section 501(c)7, (9), or (17) organizations, enter the replacement property information. This information will be used on the Taxable Gain on Sale of Property by a Section 501(c)(7), (9), or (17) Organization worksheet to calculate the taxable gain on the sale of the asset. These fields are not available if the client is a Private Foundation.
  • Debt Level and Debt Avg Basis: Use these fields to report gains and losses from the sale of debt-financed property. Enter the highest debt level in the last 12 months in the Debt Level field. The application uses these fields to complete the Sale of Debt Financed Property worksheet to detail amounts reported on Schedule D (1120/1041) and Form 8949.
  • S-Corp: When this box is marked, capital gains will not be limited on Form 990-T, Schedule D (1120/1041), and Form 8949.
  • 8949 Box: This code, in conjunction with the Date Acquired, Date Sold, and Force fields, determines the page on which the transaction will be reported on Form 8949. Boxes A, B, and C are reported on Form 8949, page 1, as short-term transactions. Boxes D, E, and F are reported on Form 8949, page 2, as long-term transactions. If you leave this field blank, it defaults to Code 3, Box C treatment.
  • Adj to G/L (Force) and Adj code (Force): Enter adjustments for Form 8949 (wash sale, for example). Adjustments will not affect forms 990 or 990PF.
  • Code M: Mark this field to indicate multiple transactions on a single row on Form 8949.

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