Using asset detail for apportionment (1120)

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Follow these procedures to use detailed asset data entry to classify assets for the property factor and to have the year-end amounts automatically transfer to the corresponding fields in the Property tab.

Notes

  • Use these procedures to transfer the year-end cost and accumulated depreciation to the corresponding fields for the following property factor components.
    • Buildings
    • Leasehold Improvements
    • Machinery
    • Equipment
    • Transportation / Delivery Equipment
    • Furniture and Fixtures
    • Construction in Progress
    • Other Tangible Assets
    • Depletable Assets
    • Other Property/Assets
    • Land
  • If the Book column contains data, UltraTax CS will transfer those amounts. If there is no data in the Book column, amounts from the Tax column are transferred to the Property tab.
  • UltraTax CS does not transfer the information you enter in the Asset Detail dialog to the state tabs or to statement dialogs.
  • This procedure cannot be used if you are entering summary asset information.

Classifying assets

To classify assets to transfer to the Property tab in the Apportionment Information window, complete the following steps.

  1. Click the Asset tab in the applicable federal activity.
  2. Choose Setup > Associations.
  3. Select the Apportion code association and click OK.

    Note: This association is automatically available for all clients with at least one attached state return.

  4. In the Asset List window, select the asset that you want to classify and click the Modify button.
  5. In the Asset Detail dialog, choose the applicable property factor component from the Apportion code association.
  6. Click Done.

Classifying the city to transfer assets

To classify the city to which to transfer assets to for the Property tab in the city apportionment dialog, complete the following steps.

  1. Click the Asset tab in the applicable federal activity.
  2. Choose Setup > Associations.
  3. Select the City - XX association to which you will transfer assets in the city apportionment dialog and click OK.

    Notes

    • XX is the city's state postal code. Mark the City - XX checkbox for all states with an attached city return.
    • The City - XX association is automatically available for all clients with at least one attached city return.
  4. In the Asset List window, select the asset you want to classify and click the Modify button.
  5. In the Asset Detail dialog, select the city from the City - XX drop-down field. This field may appear at the top of the dialog or in the Other tab.
  6. Click Done.

Notes

  • Only assets with an apportion code association will transfer to the Apportionment Information window.
  • Property information will transfer to the corresponding fields in the Apportionment Information window based on the situs and the apportion code classification. Assets classified with an apportion code and that have a situs of a state return attached to the current client will transfer to the corresponding field of that state column in the Property tab. Assets classified with an apportion code and that have a blank situs or a situs of a state not attached to the current client will transfer to the corresponding field in the Other column in the Property tab.
  • The amounts that transfer from the Asset Detail dialog will display in blue in the Property tab.
  • When you turn on the Use Asset Detail option, information transferred from the Asset Detail dialog to a field in the Property tab is read-only, unless a statement dialog is attached.
  • The only assets that appear in the Property tab are those for which you have chosen an apportionment code in the Asset Detail dialog.
  • Information does not transfer to statement dialogs. When asset detail is coded to a field with a statement dialog, the information transfers only if the field does not already contain information.

Tips

  • To use the reassign feature in UltraTax CS to set up associations and/or classify multiple assets, see Setting up asset associations.
  • To use detailed asset data entry on the Property factor tab in the Apportionment Information window, choose View > Apportionment to open the Apportionment Information window. Note that you need to have a state return attached to the current return in order to open this window. Choose Apportionment > Use Asset Detail. UltraTax CS makes this option available by default and the option is not available if you are using summary asset data entry.
  • To manually enter property factor information, clear this menu command by removing the checkmark next to the Use Asset Detail menu option.

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