Client Summary Information > Tax Summary tab

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In the asset module, use this tab to view a summary of current-year section 179 expense, a summary of AMT Preference and Adjustment amounts, and a MACRS mid-quarter convention analysis.
note
Assets entered in the miscellaneous activity are excluded from the summary of AMT Preference and Adjustment amounts and from the MACRS mid-quarter convention analysis.
To open this tab, open the Asset List window, select Tasks, Display Summary Information, then select the Tax Summary tab.

Fields and buttons

[Current Activity]: Federal
Displays the total current-year section 179 expense entered in the Tax column in the Asset Detail window's Depreciation tab for the current activity.
note
The name varies depending on which activity folder is selected.
All Activities: Federal
Displays the total current-year section 179 expense entered in the Tax column in the Asset Detail window's Depreciation tab for all of the open client's activities.
Real, Personal leased, and MACRS
These display the open client's total AMT Preference and Adjustment amounts for each property type (Real, Personal leased, and MACRS).
note
Assets entered in the miscellaneous activity are excluded from the amounts displayed.
Acquisitions
These display the depreciable basis of all of the open client's qualifying assets by quarter, as well as the total depreciable basis of all qualifying assets.
note
Assets entered in the miscellaneous activity are excluded from the amounts displayed.
Percentage
These display the percentage of depreciable basis acquired in each quarter based on the date entered in
Date in service
in the Asset Detail window.
note
  • The
    Total
    in this row always displays 100%.
  • Assets entered in the miscellaneous activity are excluded from the percentages displayed.

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