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On a 1120S corporate return. Will the remaining basis on a asset disposal flow through to the 4797 form?

mschmidtcpa
Level 2

I have a 1120S company. I have a leasehold improvement that needs to be disposed of because the lease has ended. I still have basis in the asset. Will the remaining basis flow out to the 4797 and then separately onto the K-1?

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TaxMonkey
Level 8
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4 Comments 4
Accountant-Man
Level 12
Please edit your original post. It says "4197" not 4797.
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mschmidtcpa
Level 2
Thank you
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TaxMonkey
Level 8

Yes

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cpa4
Level 2

Can anyone walk me through how to do this?   I put in the disposal date of 4/29/19...normally for a fixed asset I would also enter $0 and Trade or Business, but that's not an option for a Leasehold Imrpovement

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