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Partnership Allocation dialog

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Use the
Partnership Allocation
 window to specify the asset allocations for a partnership client per section 754. This window, which is available only for 1065 clients, is used to identify which partnership assets have depreciation to be specially allocated among the partners. You may select the existing Individually Allocated group or create a new group. The allocation groups you define are then automatically available for use in the Partnership Allocation Spreadsheet in UltraTax/1065.
To open this window, open the
Asset List
 window and select
Setup
, then
1065 Allocation
.
The list pane in this window shows each allocation group that has already been set up for the open client.
note
This setup feature applies only to users who transfer depreciation data directly to the Partnership Allocation Spreadsheet in UltraTax/1065. Information for all assets with the same allocation code transfer to the corresponding code in the Partnership Allocation Spreadsheet in UltraTax/1065.
note
  • To
    add
     a partnership allocation group, select
    Add
    , enter a description in the
    Add Partnership Allocation
     window, then select
    Continue
     to open the
    Select Assets
     window in which you can select the assets that belong to this allocation group.
  • To
    modify
     information for an existing allocation group, select the group in the Partnership Allocation list and then select
    Edit
    .
  • To
    delete
     an existing allocation group, select the group in the Partnership Allocation list, then select
    Delete
    . The application prompts you to verify that you want to delete the group.

Fields and buttons

Partnership Allocation Groups (Description and # of Assets)
Shows the special allocation groups that have already been set up, along with the number of assets assigned to each group.
  • Each asset included in the Individually Allocated group is listed separately in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the asset's description.
  • All assets selected for a user-defined allocation group are included together as a
    single item
     in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the allocation group description.
Description
Shows the description of the selected allocation group. When adding a new group, enter a brief description to identify the current group.
  • Each asset included in the Individually Allocated group is listed separately in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the asset's description.
  • All selected assets for a user-defined allocation group are included together as a
    single item
     in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the allocation group description.
note
This field is available only after you select the group in the list and select
Edit
. After making your edits in this field, select
Enter
 to save your changes.
Select Assets button
Select this button to open the Select Assets window, in which you select the specific assets that belong to the current allocation group.
note
This button is available only after you select the group in the list and select
Edit
. After making your selections in the
Select Assets
 window and selecting
OK
, select
Enter
 in the
Partnership Allocation
 window to save your changes.
Enter Special Allocations button
This button is not available in Fixed Assets CS. You can only specially allocate assets using UltraTax/1065.

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