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This article applies to:

  • Product: UltraTax CS
  • Return type: 1120 Corporation,1065 Partnership
  • Subject: Depreciation

Make book treatment equal to tax treatment

The asset cost entered in the tax treatment is used in the book treatment by default. If you entered different values in the book treatment and need to make book equal to tax, your 2 options are to make book equal to tax only in existing assets, or to all existing and future assets.
note
  • You can select on an item-by-item basis to have other values entered in the tax treatment transfer to the book treatment during data entry. Select
    Setup
    ,
    Treatments
    ,
    Book
    ,
    Options
    , then
    New Asset defaults
    . As an example, you could have the cost and Section 179 expense in the book treatment default to values entered in the tax treatment.
  • Making the book treatment equal to the tax treatment often eliminates unwanted book\tax difference adjustments on Schedule M-1 in 1120 and 1065 clients.
  • If your firm uses Fixed Assets CS, you can use the Template client to make the book treatment equal to the tax treatment for any or all of your clients.
  1. Open the
    Asset List Window
    , and select
    Setup
    , then
    Treatments
    .
  2. Select
    Book
    . Do not clear the checkbox.
  3. If you want to make book equal to tax only in existing assets, select
    Build
    .
    1. Select
      Replace all assets with the following treatment's values:
       , then select
      Tax
       from the dropdown.
    2. Select
      OK
      .
  4. To make book equal to tax in existing and future assets, select
    Options
    .
    1. Mark the
      Make treatment equal to Tax
       checkbox, then select
      OK
      .
    2. When prompted, select
      Yes
      .

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