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Depreciation

Classify a single asset

Do the following to classify single asset to transfer to the Property tab in the Apportionment Information 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 contains 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
    Apportion code association
    , then
    OK
    .
    note
    This association will automatically be enabled for all clients with at least 1 state 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 applicable property factor component from the
    Apportion code
     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 apportionment code association will transfer to the
      Apportionment Information
       window.
    • Property information will transfer to the corresponding fields in the
      Apportionment Information
       window based on the situs and the apportionment code classification. Assets classified with an apportionment code and that have a situs of a state return attached to the current client will transfer to the corresponding field of that state column in the Property tab. Assets classified with an apportionment code and that have a blank situs or a situs of a state not attached to the current client will transfer to the corresponding field in the Other column in the Property tab. UltraTax CS automatically completes the situs using the entry in the
      State
       field in activity input screens, such as the F, 4835, and Rent screens.

This article applies to:

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

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