This item addresses how S corporations and partnerships that have a Sec. 179 recapture event should report the event to their owners.If you sold or exchanged a qualified community asset acquired after 2001 and before 2010, you may be able to exclude the "qualified capital gain. Businesses that buy new equipment can take the Section 179 Deduction on their taxes. The Internal Revenue Service (IRS) manages this program. When you dispose of an asset with a section 179 expense deduction, the disposition isn't included on Form 4684, 4797, 6252, or 8824. Eligible Section 179 deductions include physical items that are purchased as business assets, like machinery, software, and vehicles. You can also e-file using DOR-approved commercial tax filing products or websites. Visit our website for a complete listing of approved websites and products. News and Information from the New York State Assembly.