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Screen VB762 - Virginia PPT - Generic Form 762
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Overview
Use this screen to enter information for Form 762, Return of Tangible Personal Property, Machinery and Tools, and Merchant’s Capital. UltraTax CS automatically transfers information from the
Unit
and Location
fields from the VBReturn screen to this screen.County Specific Information
Use this section to complete Form 762.
Part I - Tangible Personal Property
Use this section to complete Form 762, Part I.
Motor vehicles
Use this statement window to enter the qualified personal property information required for Part I, line 1. Enter the type of motor vehicle as listed in the following list or choose it from the field.
Vehicle Type:
- Automobiles
- Motorcycles
- Trucks
- Tractors & trailers
- Antique motor vehicles
- Other motor vehicles / homes
Manufactured assets
Use this statement window to enter the qualified personal property information required for Part I, lines 2 and 3. Enter the type of manufactured asset as listed in the following list or choose it from the dropdown.
Asset Type:
- Manufactured Mobile offices, etc.
- Manufactured Mobile Homes
Boats and watercraft
Use this statement window to enter the qualified personal property information required for Part I, line 4. Enter the type of boat or watercraft as listed in the following list or choose it from the dropdown.
Asset Type:
- Recreation and pleasure
- Boat trailers, etc.
- Other
Aircraft
Use this statement window to enter the qualified personal property information required for Part I, line 5. Enter the type of aircraft as listed in the following list or choose it from the dropdown.
Asset Type:
- Aircraft w/seating not greater than 50 persons
- All other aircraft and simulators
All other tangible personal property
Use this statement window to enter the qualified personal property information required for Parts I and II, lines 6-18, and Part IV, line 25. Assets automatically transfer from the asset module to this statement window when Virginia PPT associations are used and contain relevant information. By default, UltraTax CS corresponds the following
PPT type - VA
associations to lines on Form 762:- Computer equipment- Line 15, "Tangible personal property consisting of programmable computer equipment and peripherals used in business"
- Earth moving & coin operated laundry equipment- Line 24, "All other tangible personal property not specifically enumerated on this return"
- Furniture and fixtures- Line 10, "Furniture and office equipment, including books, used in practicing a profession"
- Machinery and tools- Line 17, "Machinery and tools"
- Other- Line 24, "All other tangible personal property not specifically enumerated on this return"
note
- Select theAssettab in the relevant federal activity to enter Virginia PPT information for each asset.
- TheLocationandPPT type - VAassociation fields you'll need to complete for assets to automatically transfer to this statement window.
- Assets entered in federal input screens don’t transfer to UltraTax/Virginia PPT unless the situs designation is set to Virginia. See reassigning asset to a different activity, situs, or association for more information.
- See setting up asset associations for more information.
- You can indicate the destination to which information for each asset should transfer by using the asset module associations, or by entering codes in the statement window.
If the default UltraTax CS transfer requires modification, or the asset module is not used, enter the type code in the column for the corresponding asset type, or use the dropdown to make the selection.
Asset Type | Description |
|---|---|
6 | Vehicles owned / leased by police / volunteer / fire dept |
7 | Vehicles owned by nonprofit organization |
8 | Heavy construction machinery |
9 | Business furniture |
10 | Furniture & office equipment used in practice |
11 | Tools |
12 | Farming implements |
13 | Property used in R&D business |
14 | Property leased / loaned / etc from government |
15 | Computer equipment and peripherals |
16 | Miscellaneous and Incidental Property |
17 | Machinery and tools |
18 | Energy conservation equipment of manufacturers |
24 | All other tangible personal property |
X | Exclude asset from Form 762 |
Part III - Merchant's Capital / Other
Use this section to complete Form 762, Part III.
Part IV - Other Tangible Personal Property
Use this section to complete Form 762, Part IV.
Farm related tangible personal property
Use this statement window to enter the qualified personal property information required for Part IV, line 26. Enter the type code in the column for the corresponding property type, or choose it from the dropdown.
Type | Description |
|---|---|
a | Horses, mules, other |
b | Cattle |
c | Sheep, goats |
d | Hogs |
e | Poultry |
f | Equipment for ethanol |
g | Grains used for farm animals |
h | Grain, tobacco, other |
i | Equipment and machinery used for wine |
Miscellaneous household tangible personal property
Use this statement window to enter the qualified personal property information required for Part IV, line 28. Enter the type code in the column for the corresponding property type, or choose it from the dropdown.
Type | Description |
|---|---|
a | Refrigerators, deep freeze, air conditioner, other |
b | Vacuum cleaners, sewing / washing / dryer machines, other |
c | Pianos / organs, TVs, radios, phonographs, records, other |
d | Watches / clocks, gold/silver plates, other |
e1 | Oil paintings, pictures, statuary, other works of art |
e2 | Books |
f | Diamonds, cameos, other precious stones / metals |
g | Sporting, photographic equipment |
h | Firearms, weapons |
i | Bicycles, lawn mowers |
j | Household and kitchen furniture |