Still problems entering disposal of intangible assets

In the “asset entry worksheet” used to enter the sale of an asset, if the "IRC section under which intangible asset cost is amortized" is 195 (capitalized startup expenses) or 248 (capitalized organizational expenses), then if you enter a sale price for the asset (0 in my case) you get an error stating that the sale price should be blank and that this intangible is not considered section 1245 property and therefore its disposition cannot be entered on the “asset entry worksheet”.

 

How then am I supposed to enter the disposition of such assets when I liquidate my business? Turbotax imported my data from Quickbooks and filled out the “asset entry worksheet” automatically. Since capitalized startup and organizational expenses are amortizable I would think that they are section 1245 property and you should be able to enter their sale in the “asset entry worksheet”. If they aren’t, there should be another way to enter their disposition.

 

The same error happens if you enter a section 195 asset manually and then dispose of it.

 

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    Yes, intangibles are not section 1245 property.  To enter the disposition, enter a sale date but leave the sales price blank.  This stops the amortization on that date.  Enter your remaining basis as an expense in your return.  For example, if you have an amortizable asset with $1000 in remaining basis at the time of it's disposition, enter it as an "other expense" with a description such as "Sec 195 intangible."  Hope this helps.
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