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Screen NJDepr - New Jersey Depreciation Adjustments (1065)
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Adjustments for Differences in Depreciation
Depreciation and disposition adjustments
If asset data is entered in the asset module, depreciation and disposition information transfers to this statement for those assets with differences in basis from federal amounts.
To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
For more information (including details on setting a user preference to mark boxes for which you overruled the transferred amount), see Statements overview.
If asset data isn't entered in the asset module, enter asset detail information into these boxes. UltraTax CS uses this information to calculate the New Jersey Gross Income Tax Depreciation Adjustment Worksheet GIT-DEP.
Corporate Partner Adjustment for Differences in Depreciation
Special depreciation allowance
UltraTax CS automatically calculates the
Calculated Amount
based on data entered in the detailed asset data entry. Use the
Force
box to enter the amount of special depreciation allowance if you're not using the detailed asset data entry. UltraTax CS then uses this information to complete supplemental information for corporate partners on Schedule NJK-1.note
The special depreciation allowance represents the total federal depreciation taken on assets placed in service during tax years 2002 and 2003, entered in detailed asset data entry for which bonus depreciation was taken. This amount appears in supplemental information for corporate partners on Schedule NJK-1.
New Jersey depreciation
UltraTax CS calculates the depreciation for state purposes for any assets for which bonus depreciation was taken and enters this amount in
Calculated Amount
. Use the
Force
box to enter the amount of adjustment if you're not using the detailed asset data entry. UltraTax CS then uses this information to complete supplemental information for corporate partners on Schedule NJK-1.note
The New Jersey depreciation amount represents the NJ treatment column on assets placed in service during tax years 2002 and 2003, entered in detailed asset data entry. This amount appears in supplemental information for corporate partners on Schedule NJK-1.
Adjustment to income for disposition of assets
UltraTax CS automatically calculates the
Calculated Amount
based on data entered in the detailed asset data entry. Use the Force
box to enter the adjustment if you're not using the detailed asset data entry.note
The adjustment amount is the difference between the Total depreciation in the
Tax
and NJ treatment
columns on assets placed in service during tax year 2004 entered in the detailed asset data entry for any assets disposed of during the current year This amount appears in supplemental information for corporate partners on Schedule NJK-1.