Calculating and comparing prior depreciation amounts

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When adding an asset that is not newly purchased, you must either enter prior depreciation amounts or instruct the application to enter amounts in the Depreciation tab's Prior Depreciation fields. (If you proforma'd the client's data into UltraTax CS, prior depreciation amounts are automatically entered in this field.)

Perform the steps in this procedure to compare the application-calculated prior depreciation amounts with the amounts entered or proforma'd in the asset's Prior Depreciation fields. You can then specify which amount the application will use for each treatment.

  1. Open the Asset List window for an activity.
  2. Highlight an asset and click the Modify button.
  3. Click the Prior Depreciation Comparison Prior Depreciation Comparison button button on the toolbar. (You can also choose Tasks > Prior Depreciation Comparison, right-click and choose Prior Depreciation Comparison from the context menu, or press CTRL+R.)
  4. In the Prior Depreciation Comparison dialog, click the tab for the desired treatment and compare the amounts displayed in the Amount on file and the Computed amount fields.
  5. For assets coded as listed property, luxury auto, van and light truck, or sport utility vehicle: The current year's business use percentage appears in the Current year field. If you change the percentage in this field, the Business use percentage field in the Vehicle/Listed or Home Office tab automatically updates. Enter the business use percentage for each of the prior five years, as applicable for the client. These percentages are used in calculating prior depreciation. The Five years ago field is also used in calculating prior depreciation for any period earlier than five years ago.
  6. Indicate which amounts you want to use by performing one of the following tasks.
    • For assets coded as listed property, luxury auto, van or light truck, or sport utility vehicle: To save the business use percentages you entered and use the manually entered or proforma'd amounts for all treatments, click the Save Use Percentages button and then click the Exit button.
    • To use the manually entered or proforma'd amounts for all treatments: Click Cancel.
    • To use the application-calculated amount for a treatment: Click a treatment tab and then click the This Treatment: Use Computed Amount button.
    • To use the application-calculated amount for all treatments: Click the All Treatments: Use Computed Amount button.

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