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Calculate book gain or loss on like-kind exchange or casualty/theft loss

General tax conventions for book treatment on like-kind exchanges and casualty/theft losses are followed by UltraTax CS and Fixed Assets CS by default. If it's necessary to calculate the gain or loss for book treatment purposes using GAAP conventions, you can follow this procedure.
  1. In the
    Asset
     tab (UltraTax CS), or while in any activity (Fixed Assets CS), select
    Setup
    , then
    Treatments
    .
  2. Select the
    Book
     treatment then select
    Options
    .
  3. In the
    Book Treatment Options
     window, mark the
    Follow GAAP calculations for disposals
     checkbox.
  4. Select
    OK
    .
  5. Modify the asset.
  6. Go to the
    Disposal
     tab.
  7. Enter the details of the disposal.
  8. Select
    Book Calc
     or
    Book Calculation
    . Note that this isn't available until you complete step 3.
  9. Fill out the information in the
    Book Calculation
     screen. For a like-kind exchange, enter the
    FMV of the asset given up
    . If necessary, you can also override the calculated value for
    Book adj basis of original asset
     in the field provided.

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