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Classify a single asset
Do the following to classify single asset to transfer to the Property tab in the Apportionment Information 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 contains 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.
- SelectSetupthenAssociations.
- SelectApportion code association, thenOK.noteThis association will automatically be enabled for all clients with at least 1 state return attached.
- In theAsset Listwindow, select the asset you want to classify, then selectModify.
- In theAsset Detailwindow, select the applicable property factor component from theApportion codedropdown. This field may appear at the top of the window or in the Other tab.
- SelectDone.note
- Only those assets with an apportionment code association will transfer to theApportionment Informationwindow.
- Property information will transfer to the corresponding fields in theApportionment Informationwindow based on the situs and the apportionment code classification. Assets classified with an apportionment code and that have a situs of a state return attached to the current client will transfer to the corresponding field of that state column in the Property tab. Assets classified with an apportionment code and that have a blank situs or a situs of a state not attached to the current client will transfer to the corresponding field in the Other column in the Property tab. UltraTax CS automatically completes the situs using the entry in theStatefield in activity input screens, such as the F, 4835, and Rent screens.
This article applies to:
- Product: UltraTax CS
- Return type: 1065 Partnership
- Subject: Depreciation