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Classify a single asset for a city
Do the following to classify a single asset to transfer to the Property tab in the Cities and other returns window.
note
- These procedures will cause the end-of-year cost and accumulated depreciation to transfer to the corresponding fields for the following property factor components:
- Buildings
- Construction in progress
- Equipment
- Furniture and fixtures
- Land
- Leasehold improvements
- Machinery
- Other property/assets
- Transportation/delivery equipment
- If the Book column includes data, UltraTax CS will transfer those amounts. If there's no data in the Book column, amounts from the Tax column will be transferred to the Property tab.
- UltraTax CS doesn’t transfer information entered in theAsset Detailwindow to the state tabs or statements.
- These procedures don’t apply when you're entering summary asset information.
- Select theAssettab in the applicable activity.
- SelectSetup, thenAssociations.
- Select eachCity - XXassociation you'll transfer assets to in the Cities and other returns window then selectOK.note
- XXis the city's state ZIP Code. Mark theCity - XXcheckbox for all states with a city return attached.
- TheCity - XXassociation is automatically enabled for all clients with at least 1 city return attached.
- In theAsset Listwindow, select the asset you want to classify, then selectModify.
- In theAsset Detailwindow, select the city from theCity - XXdropdown. This field may appear at the top of the window or in the Other tab.
- SelectDone.note
- Only those assets with an apportion code and a city association will transfer to theCities and Other Returnswindow.
- Property information will transfer to the corresponding fields in theCities and Other Returnswindow based on the apportionment code and city classification. Assets classified with an apportionment code and a city will transfer to the corresponding field of that city's column in the Property tab of theCities and Other Returnswindow. Assets classified with an apportionment code and for which theCity - XXfield is blank won’t transfer to the corresponding field in the Other column in the Property tab.
This article applies to:
- Product: UltraTax CS
- Return type: 1065 Partnership
- Subject: Depreciation