Modifying a state's compliance with bonus depreciation

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The information in the Setup > State Calculations dialog regarding each state's compliance with bonus depreciation and limitations on section 179 is current as of the first release of Fixed Assets CS for the application's tax year. If the state law regarding bonus depreciation or section 179 limits changes after the initial release of Fixed Assets CS, you must make the appropriate changes in this dialog.

For information about modifying a state's section 179 expense limitations, see Modifying a state's section 179 expense limitation.

To modify a state's compliance with section 168(k) and 1400L, 1400N, or 168(n) or to modify a state's section 179 limits, perform the following steps.

  1. In the Asset List window, choose Setup > State Calculations.
  2. In the State Calculations dialog, choose the state for which you will modify calculation options from the State field.
  3. Click the tab for the entity type you want to modify.

    Note: If a client is open when you open the State Calculations dialog, the tab for that client's entity type is selected automatically.

  4. In the Follow IRC Sections 168(k) & 1400L, 1400N (GO Zone), or 168(n) (Disaster Area) group box, make the appropriate selections for the selected state's compliance. For information on each of the checkboxes or options, see the State Calculations dialog overview.
  5. Click OK to save your changes.

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