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State Calculations dialog

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Use this dialog to set options that affect state treatment columns for all Fixed Assets CS clients. Within this dialog, there are tabs for each entity type - 1040, 1120C, 1065, 1041, and 990 / Others. Each tab contains information about the selected state's compliance with section 168(k), 1400L, 1400N, and 168(n).
To open this dialog, choose Setup and then State Calculations.
note
Depending on your security configuration, you might be prompted to enter the master password before you can open the State Calculations dialog.
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The information in this dialog regarding each state's compliance with bonus depreciation and limitations on section 179 is current as of the initial years release in November. If the state law regarding bonus depreciation or section 179 limits changes after the first release of Fixed Assets CS, you must make the appropriate changes in this dialog. For information on making these changes, see the following topics.
  • Modifying a state's compliance with bonus depreciation
  • Modifying a state's section 179 expense limitations

Fields & buttons

Restore Defaults
Select this option to restore the state calculations back to default.
State
Choose the state for which you will set calculation options from this field.
Each asset's state treatments will follow the state calculations set in this dialog.
1040 / 1120C / 1120S / 1065 / 1041 / 990/Others tab
The State Calculations dialog contains a tab for each entity type. Select the tab for the entity for which you will set calculation options.
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If a client is currently open, the State Calculations dialog opens with the tab for that client's entity type active.
State treatment is not applicable
Mark this checkbox if the selected state requires an addback of the special depreciation allowance claimed on federal Form 4562 and/or 2106. When this checkbox is marked, the state calculation will allow for bonus depreciation.
note
When this checkbox is marked, the checkboxes and options in the Bonus Depreciation group box are not available.
Bonus Depreciation group box
The checkboxes within this group box are not available if the
State treatment is not applicable
 checkbox is marked.
Follow IRC Sections 168(k) & 1400L
Never
Mark this checkbox to indicate that the selected state should never follow IRC sections 168(k) and 1400L.
Assets placed in service
Mark this checkbox if the selected state follows sections 168(k) and 1400L only for specific date ranges. Then, select the Dates button to enter the specific dates ranges for which the selected state follows section 168(k) and 1400L.
For client fiscal year ends before
Mark this checkbox if the selected state allows bonus depreciation before a certain fiscal year-end date. Enter the fiscal year-end date before which bonus depreciation is allowed in the corresponding field.
State tax years
Mark this checkbox if the selected state follows sections 168(k) and 1400L for specific tax years. Then, select the Years button and mark the checkbox for each year that the state follows sections 168(k) and 1400L.
Election from 50% to 30% bonus not allowed
Mark this checkbox if the selected state does not allow the election from 50% to 30% bonus depreciation.
Election from 100% to 50% bonus not allowed
Mark this checkbox if the selected state does not allow the election from 100% to 50% bonus depreciation.
1400N (GO Zone)
Never / Follows
Select the appropriate option to indicate whether the state follows or does not follow section 1400N (GO Zone).
168(n) (Disaster Area)
Never / Follows
Select the appropriate option to indicate whether the state follows or does not follow section 168(n) (Disaster Area).
Like-kind Exchange
Like-kind Exchange
Select the appropriate option to indicate whether the state follows 1031 Pre TCJA or Follows 1031.
Section 179 limitation group box
[Year]
Choose the year for which you want to modify the section 179 limitations for the selected state and entity type.
Maximum dollar
If the state has a section 179 maximum dollar limit that is different from the application-default limit, enter that amount in this field.
note
To change this amount for each client on a treatment-by-treatment basis, enter a different amount in the Setup, Treatments, and then Treatment Options dialog.
Maximum property placed in service
If the state has a maximum property placed in service limit that is different from the application-default limit, enter that amount in this field.
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To change this amount for each client on a treatment-by-treatment basis, enter a different amount in the Setup, Treatments, and then Treatment Options dialog.
Taxable income
Fixed Assets CS defaults to using the current-year section 179 maximum dollar limitation to complete Form 4562 and the Form 4562 worksheet.
If the client has taxable income less than the current-year section 179 maximum dollar limit, enter the taxable income in this field. Otherwise, no entry is required.
You can enter zero, if appropriate, and the year-end closing procedure resets this field to the section 179 maximum dollar limitation.
note
To change this amount for each client on a treatment-by-treatment basis, enter a different amount in the Setup, Treatments, and then Treatment Options dialog.
Maximum qualified real property
If the state has a section 179 maximum real property limit that is different from the application-default limit, enter that amount in this field.
note
To change this amount for each client on a treatment-by-treatment basis, enter a different amount in the Setup, Treatments, and then Treatment Options dialog.
Allows additional GO Zone Section 179
Mark this checkbox if the selected state allows additional GO Zone section 179 expense.
Allows additional disaster area Section 179
Mark this checkbox if the selected state allows additional disaster area section 179 expense.

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