Disposal tab or Mass Disposition > Enter Disposal Information dialog

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Disposing of multiple assets (approx. 2.5 minutes)

Note: The Disposal tab is identical to the Enter Disposal Information dialog.

Use the Disposal tab or Enter Disposal Information dialog in the asset module to enter or modify disposal information for the current asset or to enter or modify information for a mass disposition. Also, use this tab or dialog to enter information for preparing Form 4797, Part III, and to enter information for installment sales.

Note: Assets transferred to another activity or association cannot be disposed.

To open this tab or dialog, open the Asset List window and do one of the following steps.

  • For a new single disposition: Click the Add button, enter a description of the asset in the Asset Detail dialog, and then click the Disposal tab.
  • For an existing single disposition: Highlight an asset, click the Modify button, and then click the Disposal tab in the Asset Detail dialog.
  • For a new mass disposition: Choose Tasks > Mass Dispositions or click the Mass Disposition button in the Asset List window, click the Add button in the Mass Disposition dialog, enter a description of the disposition, click Continue, select the assets to dispose, and click Continue.
  • For an existing mass disposition: Choose Tasks > Mass Dispositions or click the Mass Disposition button in the Asset List window, highlight a disposition in the list, click the Edit button, and click the Enter Disposal Information button.

After you enter the method and date of disposal, fields appear in the tab that are specific to that method of disposal.

Special information

  • Mass dispositions - To record a single disposition involving multiple assets, open the Asset List window and choose Tasks > Mass Disposition or click the Mass Disposition button in the Asset List window. (Note that only the Sold / Scrapped, Like-Kind Exchange, Out of Service, and Retired methods of disposal are available for mass dispositions.)

    If the current asset was disposed of through a mass disposition, "Mass Disposition - ‹name of mass disposition›" appears in the upper-right corner of the Disposal tab. If you need to edit the disposal information, close the Asset Detail dialog and choose Tasks > Mass Disposition or click the Mass Disposition button in the Asset List window.

    Disposing of multiple assets (approx. 2.5 minutes)

  • Exchanges involving non-qualifying property - The application does not automatically deal with this type of asset disposal. It assumes that all losses are unrecognized.
  • Traded assets - Disposal information transfers to UltraTax CS input screens; however, you may need to enter additional information on Form 8824.
  • Casualty or theft - Casualty information transfers to UltraTax CS input screens.
  • Like-kind exchange - Fixed Assets CS does not transfer the book gain/loss from a like-kind exchange to UltraTax CS. See Like-kind exchanges tax assumption for more information.
  • Calculation explanation dialogs - In the Disposal tab, click any underlined field name to open a dialog that displays how the amount is calculated.

Fields & buttons

Disposal Wizard

Click this button to open the Disposal Wizard, which walks you through the process of entering disposal information.

Date in service (optional)

Enter the date in service in MMDDYY format.

Enter the date in service to be used for all assets in this Mass Disposition. If this field is left blank the system will use the date in service of the first asset in the mass disposition to determine if the disposition is short-term or long-term.

Method

Select a method from the drop-down list to indicate the type of disposal for the current asset. See Disposal methods for more information.

Date disposed

Enter the date of disposition in MMDDYY format.

For information on the fields that are available for each method of disposal, click the link for the appropriate method of disposal. (Note that no additional fields are available for the Out of Service and Retired methods of disposal.)

Note: Underlined fields such as Total amount Realized, Gain realized, or Tax gain/(loss) can be selected to provide a detailed caculation 

Related topics

Sold / scrapped

Casualty / Theft - No Replacement or Casualty / Theft - Replacement

Like-kind exchange

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