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Depreciation

Gain or loss on disposal of section 179 assets on the shareholder basis worksheet

UltraTax CS/1120 calculates the S Corporation's gain or loss on the disposal of assets for which a section 179 expense deduction was previously passed through to the S Corporation shareholder. The shareholder's share of the net gain or loss transfers to the Shareholder's Basis Worksheet when you enter code
1
 in the
Transfer gain (loss) on disposal of Section 179 assets…
 field of the KSep screen.
If you want to transfer the gain or loss on disposal of section 179 assets to the shareholder basis worksheet for all clients, enter
X
 in the
Transfer gain (loss) on disposal of 179 assets to shareholder basis worksheet
 field by going to
Setup
,
1120 Corporation
,
Other Return Options
, then the
Other
 tab.
UltraTax CS/1120 transfers a net gain on disposal of section 179 assets to the applicable line on page 1 of the Shareholder's Basis Worksheet. A net loss on disposal is transferred to the applicable line on page 2 of the Shareholder's Basis Worksheet.
If you want to change the amount of net gain or loss on disposal of section 179 assets that's shown on the Shareholder's Basis Worksheet, enter an amount in applicable force fields on the
Stock
 tab in
View
,
Shareholder Information
, the
Other Info
 tab, then
Shareholder Basis
.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1120 Corporation
  • Subject: Depreciation
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