@Carl The total acquisition cost for that item is Cost (Net of Land) value, plus the Land value. The total of all your SEC1250 assets is the total of all items in the Cost (Net of Land) column. Do not include amortized assets in that total. In the end, the sale of those assets will be reported in Part III of the 4797. The sale of the land will be reported in Part I if you held the property for more than 1 year.
What specific items are you referring to when you say "Do not include amortized assets in that total. "? They are all amortized. Regarding land, how do i calculate sales price of land and should TT be putting land in Part I automatically (because it's not)?
