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Drake Software User’s ManualDepreciationPlaced in Service (Overrides)The 4562 screen has the following placed-in-service override fields:• Force convention — MQ (mid-quarter) or HY (half-year). If MQ is selected, theprogram calculates which quarter to use.• Do not use MACRS % tables — Options include Qualified Indian ReservationProperty.Stopping Depreciation on an AssetDepreciating Sold AssetsTo stop depreciation on an asset that was not sold, enter the asset’s remaining basis inthe Salvage Value field (fourth item on the left side of the 4562 screen). The asset willbe updated to next year. No additional depreciation will be taken since the accumulateddepreciation equals the depreciable basis.To indicate the sale of an asset for depreciation purposes, complete the applicablefields in the If sold section of the 4562 screen. (See Figure 5-52.)Group SalesTo enter group sales in Drake:1. Open a 4562 screen for the first asset of the group sale.2. Complete the applicable fields for the asset, including Date sold and Propertytype fields, and all fields under Group Sale Information (Figure 5-52).Figure 5-52: Screen 4562 fields to complete for the first asset of a group sale3. Open a 4562 screen for the next asset in the group sale.4. Complete the applicable fields for the asset. In the If sold section, only the Datesold, Property type, and Group sale number fields are required.5. Repeat steps 3 and 4 for all assets in the group sale._NOTEComplete the Date sold, Property type, and Group sale numberfields for all assets in a group sale. The Group sales price andGroup expense of sale are required for only the first asset listed.Tax Year 2008 145