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Summary Change of Use when Electing 163(j)(7)(B) or (C) dialog
Show all hidden content
Use this window to make change of use changes to the selected asset all at one time based on the original method and life. Verify that you have marked the activity as making the election under 163(j)(7)(B) or (C).
- Open the client and, if necessary, select an activity folder.
- Open thewindow for an activity.Asset List
- SelectTasks, thenMass Change of Use when Electing 163(j)to open thewindow.Mass Change of Use when Electing 163(j)
Tax year of change of use
This field shows the tax year that you made the election under code section 163(j)(7)(B) or (C). Select
Setup
, then Activities
to elect the activity.Treatment
This field shows the treatment affected by the change of use. All treatments that qualify for the change of use appear in the list.
Exclude
Select this field to prevent the treatment from calculating the change of use for the selected assets.
note
By default, Fixed Assets CS excludes the book treatment from change of use unless the book treatment is set equal to tax.
Original Method
This column shows the original method used to depreciate each treatment.
Original Life
This column shows the original life used for depreciation for each treatment.
New Method
This field shows the new method being used for the asset. This method will always be MACRS SL ADS.
New Life
This column shows the new life of the asset.
New ADS Life
This column shows the new ADS life of the asset. You can change the default selection for this field by entering your own value. Fixed Assets CS uses the following default lives based on the asset.
- All MACRS 10 year life ADS life ADS life 15
- MACRS SL Class life 15 year life ADS life 39
- All other MACRS methods 15 year ADS life 20
- All MACRS 20 year life ADS life 25
- All MACRS 25 year life ADS life 50
- All MACRS 27.5 year life ADS life 40 if placed in service prior to 1/01/18
- All MACRS 27.5 year life ADS life 30 if placed in service after 12/31/17
- All MACRS 31.5 year life ADS life 40
- All MACRS 39 year life ADS life 40