Question

Which input screens are used to report a prior-year installment sale?

Answer

To report installment sales, use Screens InstPY, SalePT, and K1Sale. Note the following exceptions for each input screen.

• Screen InstPY - Use this screen to enter prior-year installment sale information for an asset without a Section 179 expense deduction for an S Corporation and for all prior-year installment sales for a C Corporation. UltraTax CS uses the sale information entered in Screen InstPY to complete Form 6252.
• Screen SalePT - Use this screen to enter prior-year installment sale information for an asset with a Section 179 expense deduction for an S Corporation. You also need to mark the Sale is a prior year installment sale field in Screen SalePT. UltraTax CS separately states the prior-year installment sale information entered in Screen SalePT on Schedule K, line 17d and Schedule K-1, Box 17K.
• Screen K1Sale - Use this screen to report separately stated prior-year installment sale information from a passthrough entity in which the C or S Corporation is a partner. You also need to mark the Sale is a prior year installment sale field in Screen K1Sale. UltraTax CS separately states the prior-year installment sale information entered in Screen K1Sale on Schedule K, line 17d and Schedule K-1, Box 17K for an S Corporation. If you are filing a C Corporation return, UltraTax CS transfers this information to Form 6252.

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