7204 MEM Posted March 8, 2014 Report Share Posted March 8, 2014 S-Corp. When I use the dispositions tab in ATX, I am expecting to see a gain transferred to Form 4797. The asset was fully depreciated at the date of acquisition via IRC 179 so it had no basis. Nothing is transferring to 4797. Any ideas about what I'm doing wrong? Oops. I see the message "This disposition will NOT be reported on the 4797 per the form instructions. Please see report on the 179 Dispo tab on Schedule K-1". Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted March 8, 2014 Report Share Posted March 8, 2014 Look for an attachment to the K1. It doesn't go to the 4797 anymore. It hasn't for a few years now. The reason is because Sec 179 is a separately stated item on the K1, handled at the shareholder level. So any gain and 179 recapture is handled at the shareholder level. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 8, 2014 Report Share Posted March 8, 2014 ^^ Yep, we were typing at the same time. It's the same for partnerships too. Quote Link to comment Share on other sites More sharing options...
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