S corp Auto Sale with bonus and 179 no gain showing up
Good day to all: I have an S corp that traded in the business auto for $ 17,000 and keeping the new auto as personal. History purchased in 2014 for $ 41,442 used Sect 179 25k bonus of $ 8,221 and regular dep of $ 8,221. I get nothing on 4797 and do not see the gain of $ 17,000 other then an increase in basis on stock which makes no sense. The K-1 box 17 shows Code K (see attached section 179 disposition report) and that report just shows the asset depreciation of 16,442 and sect 179 25,000 and gross sales price of $ 17,000. but I cannot find the 17,000 gain on trade in other then on a stock basis report. FYI my line 1 on k-1 only shows regular income and nothing on 8A for net long term gain.
One last thing when I look at my disposition on the sale it shows an asset loss of -8,000.
Thanks for any help.
Todd
