Drake Tax - 1040: K1S Box 17 Code K or K1P Box 20 Code L

Where to enter information related to K1S, line 17, code K or K1P, line 20, code L

K1S, box 17, code K and K1P, box 20, code L deals with the dispositions of property with section 179 deductions.

In general, the shareholder’s or partner’s portion of such dispositions are reported on the shareholder or partner's individual return using Form 4797. The corporation should provide the following information in order to complete the 4797 screen in data entry:

• Description of the property.

• Date the property was acquired and placed in service.

• Date of sale or other disposition of the property.

• Share of the gross sales price or amount realized.

• Share of the cost or other basis plus the expense of the sale.

• Share of the depreciation allowed or allowable.

• Share of the section 179 expense deduction (if any) passed through for the property and the corporation’s tax year(s) in which the amount was passed through.

• If the disposition is due to a casualty or theft, any information needed to complete Form 4684.

• If the sale was an installment sale made during the corporation’s tax year, any information needed to complete Form 6252.

For more information see

• 1065 K1 Instructions

• 1120-S K1 Instructions

• 4797 Instructions