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Tax Year

Enter prior year ends, if different

Do this only if you have UltraTax CS calculating depreciation and the client has ever had a short tax year. UltraTax CS uses the
Prior year-ends, if different
 fields in the
1120
 screen to calculate the correct prior and current depreciation expense of assets entered in the asset module. If you enter the client's assets in the
Asset
 tab, and if the prior fiscal year end differs from the current fiscal year end, enter the different year ends in the fields in the
1120
 screen.
note
If this is the client's 1st year and the year was shorter than 12 months, don't do these steps. In the
Most recent
 field, enter the ending date of the month preceding the month in which the short year began.
  1. In the folders block, select the
    General
     tab, and open the
    1120
     screen. Go to the
    Depreciation Information
     tab.
  2. Starting with the most immediate prior year end, review the client's year ends until you find a fiscal year end that differs from that entered in the
    Tax year ending
     field.
  3. Enter the different fiscal year end in the
    Most recent
     field.
  4. Continue to review the client's year ends. If you find another year end that differs from the year end entered in the
    Most recent
     field, enter this year end in the
    Interim
     field. Otherwise, skip to step 6.
  5. Continue to review the client's year ends. If you find another year end that differs from the year end entered in the
    Interim
     field, enter this year end in the
    Oldest
     field. Otherwise, skip to step 6.
  6. In the folders block, select a folder that contains the
    Asset
     tab, select the
    Asset
     tab, then select
    Tasks / Calculate All Assets
    .
note
UltraTax CS doesn't consider the
1120
 screen complete until you correctly enter the following dates. Be sure that you complete the following:
  • Enter dates in ascending order from the
    Oldest
     field to the
    Most recent
     field.
  • Only enter year ends that differ from the ones preceding and following it.
  • Only enter year ends that precede the year end entered in the
    Tax year ending
     field.
  • Enter the last day of the month when you enter the year end in MMDDYY format. (UltraTax CS only calculates depreciation based on whole months.)

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