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Screen GBInv - Georgia PPT - Inventory

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Overview

Use this screen to enter information for Form PT-50P, Page 4 and Form PT-50PF.

Schedule B - Inventory

Use this section to complete Form PT-50P, Schedule B.
Unit
UltraTax CS automatically enters the next available number. UltraTax CS uses this information to gather and coordinate information for the assessable business location.
Account number
UltraTax CS transfers to this box the account number that you entered in the
Location ID #
 box in the Asset Dialog for the federal activity.
Total inventory
In the statement window, enter inventory information required for Schedule B and Form PT-50PF. Enter the type code in the column for the corresponding Schedule B Line, or use the fieldview to make the selection.
Schedule B Line
Description
Defaults to PT-50PF Line
1
Merchandise
E
2
Raw Materials
F
3
Goods In Process
G
4
Finished Goods
A
5
Goods In Transit
A
6
Warehoused
A
7
Consigned
A
8
Floor Planned
A
9
Spare Parts
D
10
Supplies
C
11
Packaging Materials
B
12
Livestock
A
When you enter the Schedule B Line code, UltraTax CS sets the code in the
PT-50PF Line
 column. For most items, UltraTax CS defaults to
A
. If the default code requires modification, enter the correct code in the
PT-50PF (Force)
 column. The PT-50PF codes correspond to the letters designating inventory types on Form PT-50PF, line 5.
note
  • The default is type
    A
     so that no inventory is inadvertently specified as exempt.
  • For PT-50PF type
    H
    , Finished goods held < 12 months, to qualify as exempt, the
    PT-50PF H Type
     column must also be completed. This is necessary because three different exemption percentages apply to type H inventory.

Schedule C - Construction In Progress

Use this section to complete Form PT-50P, Schedule C.
Schedule C - Construction in progress
In the statement window, enter the construction-in-progress information required for Schedule C.

Sections 1 - 4

Use this section to complete Form PT-50P, Sections 1 through 4.
Section 1: Consigned goods
In the statement window, enter the consigned goods information required for Section 1.
Section 2: Leased or rented equipment
In the statement window, enter the leased or rented equipment information required for Section 2.
Section 3: Additions or items transferred in
In the statement window, enter the additions or items-transferred-in information required for Section 3. By default, UltraTax CS includes assets, entered through the asset module, in service in the current year.
Section 4: Disposals or items transferred out
In the statement window, enter the disposals or items-transferred-out information required for Section 4. By default, UltraTax CS includes assets disposed of, through the asset module, in service in the current year.

Form PT-50PF Information

Use this section to complete Form PT-50PF.
County exempt percent - raw materials, goods in process
Select the percent of exemption approved by the county or city for manufacturer’s raw materials and goods in process.
County exempt percent - finished goods of GA manufacturer
Select the percent of exemption approved by the county or city for the finished goods held by the original manufacturer.
County exempt % - finished goods destined for out-of-state shipment
Select the percent of exemption approved by the county or city for the finished goods held by distributors, wholesalers, and manufacturers destined for out-of-state shipment.
County exempt % - finished goods of fulfillment center
Select the percent of exemption approved by the county or city for the finished goods of fulfillment center held less than 12 months.
County exempt % - Total freeport level 2
Select the percent of exemption approved by the county or city for the Total Freeport level 2.
Total finished goods inventory shipments from this county
Enter the amount of finished goods shipped from this county during the last complete calendar year used to calculate Form PT-50PF, Page 2.
Total finished goods inventory shipments from this county to an out-of-state destination
Enter the amount of finished goods shipped from this county to an out-of-state destination during the last complete calendar year used to calculate Form PT-50PF, Page 2.
Preparer title
Enter the title required on Form PT-50PF, Page 2.
Date return filed
The date entered in this box is used to calculate a partial exemption on Freeport inventory.

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