Entering prior year ends, if different (1120)

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Use this procedure only if you have UltraTax CS calculating depreciation and the client has ever had a short tax year. UltraTax CS uses the Prior year-ends, if different fields in Screen 1120 to calculate the correct prior and current depreciation expense of assets entered in the asset module. If you enter the client's assets in the Asset tab, and if the prior fiscal year-end differs from the current fiscal year end, enter the different year ends in the appropriate fields in Screen 1120.

Note: If this is the client's first year and the year was shorter than 12 months, do not complete this procedure. In the Most recent field, enter the ending date of the month preceding the month in which the short year began. For example, if the client's year began on 5/15/17 and ended on 12/31/17, enter 4/30/17.

Entering the different year-ends

  1. In the folders block, click the General tab, and open Screen 1120. Scroll down to the Depreciation Information tab section.
  2. Starting with the most immediate prior year-end, review the client's year-ends until a fiscal year-end that differs from that entered in the Tax year ending field is found.
  3. Enter the different fiscal year-end in the Most recent field.
  4. Continue to review the client's year-ends. If another year-end that differs from the year-end entered in the Most recent field is found, enter this year-end in the Interim field. Otherwise, skip to step 6 below.
  5. Continue to review the client's year-ends. If another year-end that differs from the year-end entered in the Interim field is found, enter this year-end in the Oldest field. Otherwise, skip to step 6.
  6. In the folders block, click a folder that contains the Asset tab, click the Asset tab, and choose Tasks / Calculate All Assets.

    UltraTax CS does not consider Screen 1120 complete until the following dates are entered correctly. Be sure that you complete the following:

    • Enter dates in ascending order from the Oldest field to the Most recent field.
    • Only enter year ends that differ from the ones preceding and following it.
    • Only enter year-ends that precede the year end entered in the Tax year ending field.
    • Enter the last day of the month when you enter the year end in mmddyy format. (UltraTax CS only calculates depreciation based on whole months.)

Example

A client with a current fiscal year end of 6/30/18 has prior fiscal year ends of 6/30/17, 3/31/17, 3/31/16, 6/30/15, and 9/30/14. Enter the following:

Most recent Interim Oldest
3/31/17 6/30/15 9/30/14

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