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How do I report a section 179 expense deduction passed through to a partner or sharehold on a Form 514 or Form 512S?
The gain on the sale, exchange, or other disposition of property for which a section 179 expense deduction was passed through to partners/shareholders is reported as Supplemental Information on the Federal K-1. For Oklahoma purposes, report such gain on Form 514 or 512S, Part 3, line 6 ''other'' as additional information for this line provide the following:
* description of the property;
* date the property was acquired;
* date the property was sold;
* gross sales price;
* cost or other basis plus expense of sale (including the partnership''s/s-corporation''s basis reduction in the property due to the section 179 expense deduction);
* depreciation allowed or allowable (not including the section 179 expense deduction);
* and amount of section 179 expense deduction (if any) passed through to each partner/shareholder for the property and the partnership''s/s-corporation''s tax year(s) in which the amount was passed through.
If your software has been programmed to report the gain on another line of income in Part 2 or Part 3 of Form 514 or 512S, that is also acceptable. However, provide the same schedule of additional information as mentioned above.
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