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Screen VB762 - Virginia PPT - Generic Form 762

Overview

Use this screen to enter information for Form 762, Return of Tangible Personal Property, Machinery and Tools, and Merchant’s Capital. UltraTax CS automatically transfers information from the
Unit
 and
Location
 fields from the VBReturn screen to this screen.

County Specific Information

Use this section to complete Form 762.

Part I - Tangible Personal Property

Use this section to complete Form 762, Part I.
Use this statement window to enter the qualified personal property information required for Part I, line 1. Enter the type of motor vehicle as listed in the following table or choose it from the field.
Vehicle Type
Automobiles
Motorcycles
Trucks
Tractors & trailers
Antique motor vehicles
Other motor vehicles / homes
Use this statement window to enter the qualified personal property information required for Part I, lines 2 and 3. Enter the type of manufactured asset as listed in the following table or choose it from the dropdown.
Asset Type
Manufactured Mobile offices, etc.
Manufactured Mobile Homes
Use this statement window to enter the qualified personal property information required for Part I, line 4. Enter the type of boat or watercraft as listed in the following table or choose it from the dropdown.
Asset Type
Recreation and pleasure
Boat trailers, etc.
Other
Use this statement window to enter the qualified personal property information required for Part I, line 5. Enter the type of aircraft as listed in the following table or choose it from the dropdown.
Asset Type
Aircraft w/seating not greater than 50 persons
All other aircraft and simulators
Use this statement window to enter the qualified personal property information required for Parts I and II, lines 6-18, and Part IV, line 25. Assets automatically transfer from the asset module to this statement window when Virginia PPT associations are used and contain relevant information. By default, UltraTax CS corresponds the following
PPT type - VA
 associations to lines on Form 762:
  • Computer equipment
     - Line 15, "Tangible personal property consisting of programmable computer equipment and peripherals used in business"
  • Earth moving & coin operated laundry equipment
     - Line 24, "All other tangible personal property not specifically enumerated on this return"
  • Furniture and fixtures
     - Line 10, "Furniture and office equipment, including books, used in practicing a profession"
  • Machinery and tools
     - Line 17, "Machinery and tools"
  • Other
     - Line 24, "All other tangible personal property not specifically enumerated on this return"
If the default UltraTax CS transfer requires modification, or the asset module is not used, enter the type code in the column for the corresponding asset type, or use the dropdown to make the selection.
Asset Type
Description
6
Vehicles owned / leased by police / volunteer / fire dept
7
Vehicles owned by nonprofit organization
8
Heavy construction machinery
9
Business furniture
10
Furniture & office equipment used in practice
11
Tools
12
Farming implements
13
Property used in R&D business
14
Property leased / loaned / etc from government
15
Computer equipment and peripherals
16
Miscellaneous and Incidental Property
17
Machinery and tools
18
Energy conservation equipment of manufacturers
24
All other tangible personal property
X
Exclude asset from Form 762

Part III - Merchant's Capital / Other

Use this section to complete Form 762, Part III.

Part IV - Other Tangible Personal Property

Use this section to complete Form 762, Part IV.
Use this statement window to enter the qualified personal property information required for Part IV, line 26. Enter the type code in the column for the corresponding property type, or choose it from the dropdown.
Type
Description
a
Horses, mules, other
b
Cattle
c
Sheep, goats
d
Hogs
e
Poultry
f
Equipment for ethanol
g
Grains used for farm animals
h
Grain, tobacco, other
i
Equipment and machinery used for wine
Use this statement window to enter the qualified personal property information required for Part IV, line 28. Enter the type code in the column for the corresponding property type, or choose it from the dropdown.
Type
Description
a
Refrigerators, deep freeze, air conditioner, other
b
Vacuum cleaners, sewing / washing / dryer machines, other
c
Pianos / organs, TVs, radios, phonographs, records, other
d
Watches / clocks, gold/silver plates, other
e1
Oil paintings, pictures, statuary, other works of art
e2
Books
f
Diamonds, cameos, other precious stones / metals
g
Sporting, photographic equipment
h
Firearms, weapons
i
Bicycles, lawn mowers
j
Household and kitchen furniture
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