1120-US: Input screens used to report prior-year installment sales (FAQ)

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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.

Notes

  • Screen InstPY in the Schedule D folder should only be used to report prior-year installment sale information for 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 InstPY to report all prior-year installment sale information for C Corporations.

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