Partnership Allocation dialog

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Use the Partnership Allocation dialog to specify the appropriate asset allocations for a partnership client per section 754. This dialog, which is available only for 1065 clients, is used to identify which partnership assets have depreciation to be specially allocated among the partners. You may select the existing Individually Allocated group or create a new group. The allocation groups you define are then automatically available for use in the Partnership Allocation Spreadsheet in UltraTax/1065.

To open this dialog, open the Asset List window and choose Setup > 1065 Allocation.

The list pane in this dialog shows each allocation group that has already been set up for the open client.

Note: This setup feature applies only to users who transfer depreciation data directly to the Partnership Allocation Spreadsheet in UltraTax/1065. Information for all assets with the same allocation code transfer to the corresponding code in the Partnership Allocation Spreadsheet in UltraTax/1065.

Tips

  • To add a partnership allocation group, click the Add button, enter a description in the Add Partnership Allocation dialog, then click Continue to open the Select Assets dialog in which you can select the assets that belong to this allocation group.
  • To modify information for an existing allocation group, highlight the group in the Partnership Allocation list and then click the Edit button.
  • To delete an existing allocation group, highlight the group in the Partnership Allocation list, then click the Delete button. The application prompts you to confirm that you want to delete the group.

Special information

Setting up special allocation groups for partnership depreciation data

Fields & buttons

Displays the special allocation groups that have already been set up, along with the number of assets assigned to each group.

  • Each asset included in the Individually Allocated group is listed separately in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the asset's description.
  • All assets selected for a user-defined allocation group are included together as a single item in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the allocation group description.

Displays the description of the selected allocation group. When adding a new group, enter a brief description to identify the current group.

  • Each asset included in the Individually Allocated group is listed separately in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the asset's description.
  • All selected assets for a user-defined allocation group are included together as a single item in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the allocation group description.

Note: This field is available only after you highlight the desired group in the list and click the Edit button. After making your edits in this field, click the Enter button to save your changes.

Click this button to open the Select Assets dialog, in which you select the specific assets that belong to the current allocation group.

Note: This button is available only after you highlight the desired group in the list and click the Edit button. After making your selections in the Select Assets dialog and clicking OK, click the Enter button in the Partnership Allocation dialog to save your changes.

This button is not available in Fixed Assets CS. You can only specially allocate assets using UltraTax/1065.

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