Explicitly applying the mid-quarter convention for assets acquired in prior years

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

Change to CS Support service hours

Our Support department is closed on [[date]]. However, limited UltraTax CS phone support is available on that date from 9 AM - 5 PM ET due to the approaching deadline.

Links to our most popular tax processing topics are available in the Alerts and notices section on the right side of most pages.

The application automatically determines whether the mid-quarter convention applies and recalculates depreciation when necessary.

To explicitly include or exclude prior-year assets from the automatic mid-quarter determination and calculation, perform the following steps.

  1. Select the desired prior-year asset and click the Modify button.
  2. Choose Tasks > Use Mid-Quarter Convention. The Use Mid-Quarter Convention - Prior Year Assets dialog opens.
  3. In this dialog, perform one of the following steps.
    • Mark the Calculate MACRS depreciation using mid-quarter convention checkbox on the tab for each of the appropriate treatments.
    • Mark the Calculate all treatments using mid-quarter convention checkbox. If you mark this checkbox, the Calculate MACRS depreciation using mid-quarter convention checkbox on each treatment tab is marked and not available.
  4. Click OK to save your changes.

Tips

  • When you choose to calculate MACRS depreciation using mid-quarter convention for a specific treatment, that treatment column heading (in the Depreciation tab) appears in blue.
  • The application also indicates that the asset is being depreciated using the mid-quarter convention by displaying the words "Mid-Quarter Applies" in blue just below the tab for the Depreciation tab. Show example.

Share This