User's Manual - Drake Software

14 New Features in Other Packages
This chapter lists some of the new features you’ll see in Drake’s corporation (1120), S
corporation (1120S), partnership (1065), tax-exempt (990), fiduciary (1041) and
estate (706) packages. Details for using these packages will appear in the supplemental
manuals, to be published early in 2013.
Individual Entity Packages
The following enhancements have been made to one or more (but not all) of the entity
packages:
Changes in Reporting of Capital Assets
Screen codes
8949, D2, D
Significant changes have been made to the way capital assets are to be reported in the
Corporation (1120), S Corporation (1120S), and Partnership (1065) packages. In the
past, capital gains and losses from stocks, bonds, mutual funds, and other investments,
were listed on Schedule D, Capital Gains and Losses. Now they are to be listed on the
new Form 8949, Sales and Other Dispositions of Capital Assets, and summarized on
Schedule D. Information for these forms is entered on screens 8949, D, or D2. These
screens are available under the Assets-Sales-Recapture tab of the Data Entry Menu.
NOTE
Form 1099-B, Proceeds From Broker and Barter Exchange Transactions,
now reports individual transaction information and contains cost basis fields
for brokers who are required to supply such information. Enter 1099-B data
on screen 8949.
Form 8949,
Schedule D,
Form 1099-B
Screen 8949 has fields for Form 8949, Schedule D, and Form 1099-B data. Following
are some guidelines for data entry on this screen, first for 1099-B information, and
then for 8949–specific information.
• Foreign Expropriation — Mark this box if the corporation sold foreign property.
Foreign expropriation capital losses cannot be carried back, but are carried forward
up to 10 years.
Tax Year 2012 367