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Depreciation

Credits entered in the asset module

UltraTax CS/1120 provides a return-specific option to specify the method of entering asset information; you can either enter asset information in the asset module or in the various credit input screens. To enter asset information in the applicable credit input screen, select
File
,
Client Properties
,
Advanced Properties
, then the
Enter Asset Detail
 tab. Unmark the
Enter asset detail information
 checkbox to turn off the application default.
If you're using the Asset module, the following credits are calculated based on the asset data when the applicable code is entered in the
Credit / Amount
 field in the
Depreciation
 tab.
  • Code
    C
     - Form 3468, Rehabilitation Credit (Certified historic structures). Additional investment credit information is entered in the
    Credit Information
     window on the
    Other
     tab in the asset module.
  • Code
    G
     - Form 3468, Geothermal Energy Credit
  • Code
    S
     - Form 3468, Solar Energy Credit
  • Code
    P
     - Form 3468, Advanced Energy Project Credit
  • Code
    N
    -Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit
  • Code
    U
     - Solar Energy Credit construction began in 2020-2023
If you're not using the Asset module, the input screens for the preceding forms are available in the
Farm
,
Farm Rental
, and
Rent & Royalty
 folders (activity-based screens). For miscellaneous non-activity related credit data entry, the input screens are also included in the Credits folder.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1120 Corporation
  • Subject: Depreciation
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