Use this dialog in UltraTax CS.
This dialog automatically opens when you dispose of an asset that has I in the Credit field for the HI column, and it is less than three years after the date on which the asset was placed in service.
To open this dialog, open the Asset Detail dialog for a Hawaii asset and choose Tasks > Hawaii Excise Tax Credit Recapture. Note that this command is available only if credit code I is entered in the asset's HI column in the Depreciation tab.
Fields & buttons
Prior years' business use percentages
This field displays the current-year business use percentage as entered in the asset's Vehicle/Listed tab. If desired, enter a new percentage in this field.
Note: The application automatically updates the selected asset's information in the Vehicle/Listed tab if you change this percentage.
This field displays the previous year's business use percentage as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.
Notes
- This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
- The application automatically updates the asset's information in the Prior Depreciation Comparison dialog if you change this percentage.
This field displays the business use percentage from two years ago as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.
Notes
- This field is available only if the asset is at least two years old.
- This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
- The application automatically updates the Prior Depreciation Comparison dialog if you change this percentage.
This field displays the business use percentage from three years ago as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.
Notes
- This field is available only if the asset is at least three years old.
- This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
- The application automatically updates the Prior Depreciation Comparison dialog if you change this percentage.
This field displays the business use percentage from four years ago as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.
Notes
- This field is available only if the asset is at least four years old.
- This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
- The application automatically updates the Prior Depreciation Comparison dialog if you change this percentage.
This field displays the business use percentage from five years ago as entered in the asset's Prior Depreciation Comparison dialog. If desired, enter a new percentage in this field.
Notes
- This field is available only if the asset is at least five years old.
- This field defaults to 100 percent if information has not been entered in the Prior Depreciation Comparison dialog.
- The application automatically updates the Prior Depreciation Comparison dialog if you change this percentage.
Other fields & buttons
This field displays the date on which the property ceased to qualify for the Hawaii Excise Tax credit. If you disagree with the date displayed, you can change it.
This field displays the original amount of excise tax credit claimed for this asset. You cannot modify this amount.
This field displays the amount of recomputed credit calculated for this asset. You cannot modify this amount.
This field displays the recapture percentage that is used to calculate the recaptured amount of excise tax credit.
This field displays the recaptured amount of excise tax credit. You cannot modify this amount.
Mark this checkbox to prevent the application from calculating any excise tax credit recapture for the current asset.