R12434 - Sale of Business Property Report

The personal property version of the report includes this information:

Report Element	Description
Disposal proceeds	The amount received on the sale of the asset. The system determines this amount by the account that you set up in the Disposal Account Rules.
Cost	The original cost plus any additional costs for the asset through the fiscal year-end date that you specify for the report.
Section 1245 recapture amount	The accumulated depreciation or disposal gain amount, whichever is less (but not less than zero).
Section 291	This field does not apply to personal property.
Section 1231 gain/loss	The disposal gain or loss, less the recapture amount for assets disposed of after the first year.
Ordinary gain/loss	The disposal gain or loss, less the recapture amount for assets disposed of in the first year.

If you report on personal property, the system calculates the last four amount fields as follows:

Recapture amount is accumulated depreciation or disposal gain or loss, whichever is less, but not less than zero.
Nothing prints in the Section 291 column.
Section 1231 gain/loss is disposal gain or loss, minus the recapture amount for assets not disposed of in the first year.
Ordinary gain/loss is disposal gain or loss, minus the recapture amount for assets disposed of in the first year.

If you report on real property, the system calculates the last four amount fields as follows:

Recapture amount is accumulated depreciation less what accumulated depreciation would have been if using straight-line, inception-to-date method, or disposal gain or loss, whichever is less, but not less than zero.
Section 291 is the amount that would go into the recapture amount if personal property, less what went into recapture amount for real property, is multiplied by 20 percent.
Section 1231 gain/loss is disposal gain or loss, minus the recapture amount, and minus Section 291 for the asset that is not disposed of in the first year.
Ordinary gain/loss is disposal gain or loss, minus the recapture amount, and minus Section 291 for assets that are disposed of in the first year.

The real property version of the report includes this information:

Report Element	Description
Disposal proceeds	The amount earned on the sale of the asset. The system determines this amount by the account that you set up in the Disposal Account Rules.
Cost	The original cost plus any additional costs for the asset through the fiscal year-end date that you specify for the report.
Accumulated depreciation	The amount depreciated for the asset through the fiscal year-end date on the report.
Disposal gain/loss	The difference between the asset's disposal proceeds and its net book value.
Section 1250 recapture amount	The lesser of these amounts: Accumulated depreciation less the depreciation that would have been available under the straight-line method. Gain.
Section 291	Twenty percent of the excess of: The amount that would be recaptured as ordinary income if such property is under Section 1245. The amount recaptured under Section 1250.
Section 1231 gain/loss	The disposal gain or loss, less the recapture amount and less Section 291 for assets not disposed of in the first year.
Ordinary gain/loss	The disposal gain or loss, less the recapture amount for assets disposed of in the first year.