Allocate an asset group
Do the following to allocate an asset group:
- Select the business activity folderIncome & Deductions,Farm,Farm Rental,Schedule K, orRent & Royalty.
- SelectAssetto open the UltraTax CS asset module.noteIf the Asset tab isn't available, the client is set up for entering summary asset information instead of detailed asset information. To enter detailed asset information and enable the asset module, selectFile, thenClient Properties,Advanced Properties,Enter Asset Detail, then mark theEnter asset detail informationcheckbox.
- SelectSetup, then1065 Allocationto open thePartnership Allocationwindow to create a new group and enter special allocations.
- SelectAdd, enter a short description of the asset allocation group, then selectContinue.
- Select the assets to allocate and then selectContinueto open theSpecial Allocationwindow. More than 1 asset needs to be selected to continue.
- Enter the partner allocations for the current depreciation and AMT adjustment for the federal return and any attached states, as needed.noteEnter the partner allocations for the current depreciation and AMT adjustment for the federal return and any attached states, as needed.
- SelectOK, then selectDoneto return to theAsset Listwindow. All of the allocation groups are listed in the Allocation list in the Allocations window in Partner Data Entry, using the allocation group description.
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Allocate amounts to partners
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Allocate an asset individually (section 754)
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