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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.

The Section 179 Summary dialog displays the section 179 limitation calculation and calculates the maximum section 179 expense allowed for the current-year asset you are entering. This dialog is available only when you view or enter a current-year asset that is allowed to take section 179 expense.

This dialog is accessible when you are in the Asset Detail dialog for a current-year asset. To open this dialog, choose Tasks > Display Section 179 Summary.

For details on individual fields in this dialog, see the Section 179 Summary dialog overview.

Election calculation group box

The following table identifies fields in this group box that correspond to specific lines on Form 4562.

The Business income limitation field defaults to the current section 179 dollar limit. (To reduce this limit, open the Asset List window for an activity,choose Setup > Treatments, select a treatment, click the Options button, click the Calculation tab, and enter the desired limit in the Maximum dollar field.)

The Adjusted 179 limitation (lesser of Dollar or bus inc limit) field shows the section 179 maximum dollar limitation adjusted by the threshold and business income limitations.

Elected cost group box

The Elected cost fields show the real property total and the total elected cost of the client's section 179 property.

The Elected section 179 for current asset field displays the amount that was entered in the Sec 179 expensed field in the Asset Detail dialog for this asset.

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