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Calculation

Section 179 Summary window

The Section 179 Summary window shows the section 179 limitation calculation and calculates the maximum section 179 expense allowed for the current-year asset you're entering. This window is available only when you view or enter a current-year asset that's allowed to take section 179 expense.
This window is accessible when you're in the
Asset Detail
 window for a current-year asset. To open this window, select
Tasks
then
Display Section 179 Summary
.

Election calculation group box

The following table identifies fields in this group box that correspond to specific lines on Form 4562.
Field
Line on Form 4562
Sec 179 maximum dollar limitation: Total sec 179 maximum dollar limitation
1
Cost of current sec 179 property: Total cost of current sec 179 property
2
Threshold cost of sec 179 property
3
Reduction in limitation
4
Dollar limitation for tax year
5
The
Business income limitation
 field defaults to the current section 179 dollar limit.
To reduce this limit,
open the
Asset List
 window for an activity,
select
Setup
then
Treatments
, select a treatment, select
Options
, go to the
Calculation
 tab, then enter the limit in the
Maximum dollar
 field.
note
If you're integrating with UltraTax CS, t
T
he
Business income limitation
 field doesn't reflect the business income calculated in UltraTax CS for the client.
The
Adjusted 179 limitation (lesser of Dollar or bus inc limit)
 field shows the section 179 maximum dollar limitation adjusted by the threshold and business income limitations.
note
Fixed Assets CS doesn't track or calculate the carryover of the disallowed deduction. When printing, you may enter the carryover in the options on the
Form 4562
 tab. To do this, select
File
, then
Print
, go to the
Forms
 tab, double-click
Form 4562
 so it displays in the Selected pane, then select
Options
. In the Options: Form 4562 window, go to the
Form 4562
 tab and enter the carryover amount of the disallowed deduction.

Elected cost group box

The
Elected cost
 fields show the real property total and the total elected cost of the client's section 179 property.
The
Elected section 179 for current asset
 field displays the amount that was entered in the
Sec 179 expensed
 field in the
Asset Detail
 window for this asset.

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