New (tax) year, new help!

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.

Question

For an installment sale originating as a mass disposition, why is the sale income reported as ordinary income and not capital?

Answer

Because there are various purchase dates, the asset module reports the date acquired as "Various." An accurate holding period cannot calculate, so the application defaults to the most conservative tax approach in this situation. You can indicate where to report the gain/loss in the asset module. Make the appropriate selection in the Type of Property field or enter a date in the Date in service field on the Enter Disposal dialog in the asset module.

Related topic: Business and capital asset sale information FAQs (1040)

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