k-1 and 4797 - how does it flow?

[WITAXLADY]

From line 13, then 17 - from 4797 line 31 has $145,000 from ordinary gain of equipment sold from depreciation. 1120-S

Where on the K does it go? and then where on the K-1?

Thank you!

D

[mcb39]

It goes on Line 6 of the 1065 and is included in Total Income.

[jklcpa]

It should be on form 1120S, Line 4 "Net gain (loss) from Form 4797, Part II, line 17" for ordinary gains(losses) as long as it doesn't involve sec 179 and isn't rental related.  The figure on 1120S line 4 becomes part of the ordinary income on 1120S, line 22 that then flows to Sch K, line 1.

[WITAXLADY]

That makes sense!! Thank you both!

D

[mcb39]

4 hours ago, jklcpa said:

It should be on form 1120S, Line 4 "Net gain (loss) from Form 4797, Part II, line 17" for ordinary gains(losses) as long as it doesn't involve sec 179 and isn't rental related.  The figure on 1120S line 4 becomes part of the ordinary income on 1120S, line 22 that then flows to Sch K, line 1.

Sorry, I guess I only saw K1 and missed the 1120S part.  I was thinking Partnership; probably because I am working on one today.