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Disposal > Form 4797 Part III dialog

When the disposal of a real property asset results in a Form 4797 Part III gain, this dialog pertains to information that the application needs to prepare the form.
After opening the Asset Detail dialog for the appropriate asset, select the Disposal tab. The Form 4797 Part III Real Property button is available when you select
Sold / Scrapped
 from the drop-down list in the
Method
 field. Select the button to open the Form 4797 Part III dialog.
The information in this dialog affects only Part III of Form 4797. The application fills in the necessary fields based on data you entered in the Depreciation and Disposal tabs. However, you may override any of these amounts as necessary.

Fields & buttons

Select this option to enter data for section 1250.
The following fields are available only when you select the
Section 1250
 option.
Enter additional depreciation after 1975.
Enter the applicable recapture percentage if other than 100%.
The application multiplies the amount entered in the
Additional depreciation after 1975
 field by the amount entered in the
Applicable %
 field and displays the result in this field.
The application calculates the difference between the section 1250 gain and the allowable depreciation and displays it in this field.
Enter additional depreciation taken between 1970 and 1975.
The application displays the lesser of depreciation taken after 1975 and the depreciation taken between 1970 and 1975.
Enter the section 291 gain for this asset.
The application calculates the gain and displays it in this field. You cannot override this amount.
Select this button to recalculate the gain or loss.
Select this option to enable the fields used to enter data for section 1252.
The following fields are available only when you select the
Section 1252
 option.
Enter the soil, water, and land-clearing expenses for section 1252 property.
Enter the applicable recapture percentage if other than 100.
The application calculates the gain and displays it in this field. You cannot override this amount.
Select this option to enable the fields used to enter data for section 1254.
The following fields are available only when you select the
Section 1254
 option.
Enter costs for intangible activities such as drilling and development for section 1254 property.
The application calculates the gain and displays it in this field. You cannot override this amount.
Select this option to enable the fields used to enter data for section 1255.
The following fields are available only when you select the
Section 1255
 option.
Enter the applicable percentage of payments excluded from income for section 1255 property.
The application calculates the gain and displays it in this field. You cannot override this amount.

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