Using asset detail for apportionment (990)

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The following procedures describe how to classify assets for the property factor and automatically transfer beginning-of-year and end-of-year costs and accumulated depreciation to the Property tab in the Apportionment Information window. You can classify assets for the following components.

Notes

  • If the Book column in the Asset Detail dialog contains data, UltraTax CS transfers those amounts to the Property tab in the Apportionment Information window. If the Book column does not contain data, UltraTax CS transfers the Tax column amounts instead.
  • The information you enter in the Asset Detail dialog does not transfer to the state columns or to statement dialogs in the Apportionment Information window.
  • These procedures do not apply when you are entering summary asset information.

Classifying assets to transfer to the Property tab in the Apportionment Information window

To classify a single asset, complete the following steps.

  1. Click the Asset tab in the applicable federal activity and choose Setup > Associations.
  2. In the Associations dialog, mark the Apportion code checkbox and click OK. (Note that this checkbox is automatically marked for all clients with one or more state returns attached.)
  3. In the Asset List window, highlight the asset and click the Modify button.
  4. In the Asset Detail dialog, choose the property factor component from the drop-down list in the Apportion code field.
  5. Click Done to close the Asset Detail dialog.

Notes

  • Only assets with an apportion code association transfer to the Apportionment Information window.
  • Property information transfers to the corresponding fields in the Apportionment Information window based on the situs and the apportionment code classification.
    • Assets that are classified with an apportionment code and have a state return situs attached to the current client transfer to the corresponding field of that state's column on the Property tab.
    • Assets that are classified with an apportionment code and with a blank situs or a situs of a state not attached to the current client transfer to the corresponding field in the Other column on the Property tab.

Tip: For information on how to use the reassign feature in UltraTax CS to set up associations and/or classify multiple assets, see Setting up associations for UltraTax CS state apportionment.

Using detailed asset data entry

To use detailed asset data entry on the Property tab of the Apportionment Information window, complete the following steps.

  1. Choose View > Apportionment to open the Apportionment Information window.

    Note: You must have a state return attached to the current client to open this window. See Adding a state or city return for a client.

  2. Open the Apportionment menu and make sure the Use Asset Detail command is marked. (There is a check mark next to the command.)

    Notes

    • This menu command is marked by default.
    • This menu command is not available if you are using summary asset data entry.
  3. To manually enter property factor information, click the Use Asset Detail command to clear the check mark.

Notes

  • Amounts transferred from the Asset Detail dialog appear as blue text in the Property tab.
  • When the Use Asset Detail menu command is marked, information that was transferred from the Asset Detail dialog to a field in the Property tab is read-only unless there is a statement dialog.
  • The only assets that appear in the Property tab are those for which you have assigned an apportion code in the Asset Detail dialog.

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