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Asset Detail > Other tab

Use the Other tab of the asset module's Asset Detail window to enter miscellaneous information.
To open this tab, perform one of the following steps:
  • If the asset has already been added, select it in the Asset List window, select Modify, then select the Other tab.
  • If the asset has not yet been added, select Add in the Asset List window, complete the information in the Depreciation tab, then select the Other tab.

Fields and buttons

General Information group box

Enter the acquisition date for the current asset if it differs from the in-service date entered at the top of the Asset Detail window.
Mark this checkbox if you elected to depreciate this asset using either the Units of Production method or a custom method.
Mark this checkbox if the section 179 expense was elected when the corporation was a C corporation. If this checkbox is marked, the gain or loss generated during a disposal transfers to Form 4797 instead of the Section 179 Disposal Worksheet within the Shareholder Packages.
Mark this checkbox to include the asset as a 743(b) adjustment. To include the asset on a partner K-1, in UltraTax CS, specially allocate the depreciation for each 743(b) asset.
Mark this checkbox if this asset is used to track a partner's outside basis for a 1065 client. If this checkbox is marked, the asset will not be included on any form printed from the application by default.
Mark this checkbox to include this asset in the Balance Sheet Detail report if Memo is selected as the treatment's depreciation method.
Mark this checkbox to exclude memo assets from non PPT reports. This checkbox is available to be marked if any treatment on the Depreciation tab has the method of memo. The asset will only be excluded from non PPT reports for a treatment if the method is memo. The asset will be included on the Property Detail report when this is marked.
The
Exclude asset from qualified income deduction
 checkbox is only available for assets that qualify for the qualified business income deduction.
Assets qualify if they meet one of the following criteria:
  • It has been 10 years or less from the date it was placed in service, or
  • It has been greater than 10 years the asset was placed in service but the asset is still within its recovery period, or the last full year of the recovery period.
The checkbox is only available for the following entities/activities:
  • 1040 - Business, Bus COGS, Rental, Farm, Farm Rental
  • 1120S - Business, COGS, Rental, Farm, Farm Rental
  • 1065 - Business, COGS, Rental, Farm, Farm Rental
  • 1041 - Business, Bus COGS, Rental, Farm, Sch K-1
  • 990 - OP, OP COGS, Rental
Use this box to force the Basis for business income deduction. The amount that you enter here will be used as the cost basis on the Qualified Property report, and it will also change the amount that the tax return uses if you are using UltraTax. This box is available when you mark the checkbox that the activity qualifies as a trade or business for Section 199A under Setup, then Activity.
If the current asset is qualified section 179 real property, select the type of qualified real property from the dropdown list.
Mark this checkbox to indicate that the current asset is 990 investment property.
Select the program service accomplishment (PSA) code.
If you indicated in the
Method
 box of the Depreciation tab that the asset is to be amortized, select the amortization code from the dropdown list.
To force an asset to calculate bonus depreciation, select the type from this box. For details on each type of bonus, go to the overview of the
GO Zone/168(k) (force)
 box.
Use this box to enter a general memo regarding this asset.
Use this box to enter a second general memo regarding this asset.
Select this to open a window in which you can do the following tasks.
  • Force an asset to be included in or excluded from the mid-quarter determination.
  • Force an asset to calculate using the mid-quarter convention.
  • Force an asset to be considered eligible section 179 property.
  • Prevent an asset from being considered eligible section 179 property.
Select this to open a window in which you can enter investment credit, Hawaii excise tax credit, and Alternative motor vehicle credit information.

Associations group box

The placement of association boxes in the Asset Detail window varies depending on how the Association box order list is configured in the Setup, Associations window.
If an association name is followed by an asterisk and is displayed in blue, the association is used for the UltraTax CS personal property tax return for the state in which the current asset is located.
If the Method Life Wizard appears with the first association box, that association has been set up as the primary association for this client. Select this to open the Association Wizard and select the association value. The default values that were entered for all associations and the default asset class (from the Method/Life Wizard) will be entered for the asset.
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