Discussion:179 recapture
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Discussion Forum Index --> Tax Questions --> 179 recapture
Dennisvaughn@msn.com (talk|edits) said: | 20 July 2006 |
| S-Corp disposes of asset and has a gain on sale of $8129 of which $6,000 is 179 recapture. Does the entire amount go on the k-1 or just the 6,000, and the balance show up as net gain on a 4797? | |
| 21 July 2006 | |
| K-1 shows 179 recapture separately. Balance depends whether ordinary or capital. | |
| 23 August 2007 | |
| I've been working on this all afternoon. I found that 179 recapture is not reported anywhere on the 1120s except as "other information" on the K-1 line 17. The 1120S instructions for this line list what needs to be disclosed so the shrhldr can put on his/her return. | |
| 23 August 2007 | |
| I guess the recapture is limited to the gain in a disposition. right?
So in my case the calcualtion is very easy because the gain was less than the recapture amount. | |
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