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Depreciation
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This article applies to:

  • Product: UltraTax CS
  • Return type: 1065 Partnership
  • Subject: Depreciation

Classify a single asset for a city

Do the following to classify a single asset to transfer to the Property tab in the Cities and other returns window.
note
  • These procedures will cause the end-of-year cost and accumulated depreciation to transfer to the corresponding fields for the following property factor components:
    • Buildings
    • Construction in progress
    • Equipment
    • Furniture and fixtures
    • Land
    • Leasehold improvements
    • Machinery
    • Other property/assets
    • Transportation/delivery equipment
  • If the Book column includes data, UltraTax CS will transfer those amounts. If there's no data in the Book column, amounts from the Tax column will be transferred to the Property tab.
  • UltraTax CS doesn’t transfer information entered in the
    Asset Detail
     window to the state tabs or statements.
  • These procedures don’t apply when you're entering summary asset information.
  1. Select the
    Asset
     tab in the applicable activity.
  2. Select
    Setup
    , then
    Associations
    .
  3. Select each
    City - XX
     association you'll transfer assets to in the Cities and other returns window then select
    OK
    .
    note
    • XX
       is the city's state ZIP Code. Mark the
      City - XX
       checkbox for all states with a city return attached.
    • The
      City - XX
       association is automatically enabled for all clients with at least 1 city return attached.
  4. In the
    Asset List
     window, select the asset you want to classify, then select
    Modify
    .
  5. In the
    Asset Detail
     window, select the city from the
    City - XX
     dropdown. This field may appear at the top of the window or in the Other tab.
  6. Select
    Done
    .
    note
    • Only those assets with an apportion code and a city association will transfer to the
      Cities and Other Returns
       window.
    • Property information will transfer to the corresponding fields in the
      Cities and Other Returns
       window based on the apportionment code and city classification. Assets classified with an apportionment code and a city will transfer to the corresponding field of that city's column in the Property tab of the
      Cities and Other Returns
       window. Assets classified with an apportionment code and for which the
      City - XX
       field is blank won’t transfer to the corresponding field in the Other column in the Property tab.

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