Classifying assets for apportionment property factors (1065)

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

Notes

  • These procedures will cause the end-of-year cost and accumulated depreciation to transfer to the corresponding fields for the following property factor components.
    • Buildings
    • Construction in progress
    • Equipment
    • Furniture and fixtures
    • Land
    • Leasehold improvements
    • Machinery
    • Other property / assets
    • Transportation / delivery equipment
  • 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 will be transferred to the Property tab.
  • UltraTax CS does not transfer information entered in the Asset Detail dialog to the state tabs or statements.
  • These procedures do not apply when you are entering summary asset information.

Classifying a single asset

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

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

    Note: This association will automatically be enabled for all clients with at least one state return attached.

  4. In the Asset List window, select the asset 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 drop-down list. This field may appear at the top of the dialog or in the Other tab.
  6. Click Done.

Notes

  • For information about how to use the UltraTax CS reassign feature to set up associations and/or classify multiple assets, see Setting up associations for UltraTax CS state apportionment.
  • Only those assets with an apportionment 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 apportionment code classification. Assets classified with an apportionment 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 apportionment 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. UltraTax CS automatically completes the situs using the entry in the State field in activity input screens, such as Screens F, 4835, and Rent.

Classifying a single asset for a city

To classify a single asset to transfer to the Property tab in the Cities and other returns dialog, complete the following steps.

  1. Click the Asset tab in the applicable activity.
  2. Choose Setup > Associations.
  3. Select each City - XX association to which you will transfer assets in the Cities and other returns dialog, and click OK.

    Notes

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

Notes

  • Only those assets with an apportion code and a city association will transfer to the Cities and other returns dialog.
  • Property information will transfer to the corresponding fields in the Cities and other returns dialog based on the apportionment code and city classification. Assets classified with an apportionment code and a city will transfer to the corresponding field of that city's column in the Property tab of the Cities and other returns dialog. Assets classified with an apportionment code and for which the City - XX field is blank will not transfer to the corresponding field in the Other column in the Property tab.

Using detailed asset data entry

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

    Note: To open this window, the client must have a state return attached.

  2. Choose Apportionment > Use Asset Detail.

    Notes

    • This menu command is marked automatically as the default.
    • This menu command is not available if you use summary asset data entry.
  3. Do one of the following:
    • To automatically transfer assets to the Apportionment Information window, mark this menu command.
    • To manually enter property factor information, clear this menu command.

Notes

  • Amounts transferred from the Asset Detail dialog will appear in blue in the Property factor tab.
  • When you mark 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 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 statements. When asset detail is coded to a field with a statement, the information transfers only if the field does not already contain information. If the Statement Statement dialog button button is underlined and purple, then the amount transferred from the Asset tab does not equal the amount in the statement. Open the statement and update the detail.

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