UltraTax CS
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
Which input screens are used to report the sale of an asset?
Answer
- Screen Sale - Use this screen to enter sale information for an asset without a Section 179 expense deduction for an S Corporation and for all asset sales for a C Corporation. UltraTax CS uses the sale information you enter in Screen Sale to complete Form 4797.
- Screen SalePT - Use this screen to enter sale information for an asset with a Section 179 expense deduction for an S Corporation. UltraTax CS separately states the sale information you enter in Screen SalePT on Schedule K, line 17d and Schedule K-1, Box 17, Code K.
- Screen K1Sale - Use this screen to report separately stated sale information from a passthrough entity in which the C or S Corporation is a partner. UltraTax CS separately states the sale information you enter in Screen K1Sale on Schedule K, line 17d and Schedule K-1, Box 17, Code K for an S Corporation. For a C Corporation return, UltraTax CS transfers this information to Form 4797.
Notes
- Screen Sale in the Schedule D folder should be used to report current-year installment sale of nondepreciable assets. The gain from Form 6252 transfers to Schedule D for the 1120 or 1120-S return and does not transfer to Form 4797.
- Screen SalePT is not applicable to C Corporations. Use Screen Sale to report all sale information for C Corporations.
- UltraTax CS provides a return-specific option to specify the method of entering asset information: 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 Sale is not applicable and does not appear. To enter asset information using Screen Sale, choose File > Client Properties > Advanced Properties > Enter Asset Detail tab. For more information, see Where do I enter asset data.
Was this article helpful?
Thank you for the feedback!