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Partnership Allocation dialog
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Use the Partnership Allocation window in the asset module to specify the appropriate 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, 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
- Toadda 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 choose the assets that belong to this allocation group.
- Tomodifyinformation for an existing allocation group, select the group in the Partnership Allocation list then select Edit.
- Todeletean existing allocation group, select the group in the Partnership Allocation list, then select Delete. The application prompts you to confirm that you want to delete the group.
Fields and buttons
Partnership Allocation Groups (Description and # of Assets)
Displays 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 asingle itemin the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the allocation group description.
Description
Displays 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 asingle itemin the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the allocation group description.
note
This is available only after you select the desired group in the list and select Edit. After making your edits in this box, select Enter to save your changes.
Select Assets button
Select this to open the Select Assets window, in which you select the specific assets that belong to the current allocation group.
note
This is available only after you select the desired 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 is available after you select the desired group in the list and select Edit. After specially allocating the item in the Special Allocation window and selecting OK, select Enter in the Partnership Allocation window to save your changes.