Entering prior year ends if different from current year end (1065)

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UltraTax CS uses the Prior year-ends, if different fields in Screen 1065 to calculate the correct prior and current depreciation expense of assets entered in the asset module. If you are entering the client's assets in the Asset tab, and if a prior year-end differs from the current year-end, enter the different year-ends in the appropriate fields in Screen 1065.

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

  1. In the folders block, click the General folder, and open Screen 1065.
  2. Starting with the most immediate prior year-end, review the client's year-ends until a year-end that differs from that entered in the Tax year ending field is found.
  3. Enter the different year-end in the Most recent field.
  4. Continue to review the client's year-ends. If you find another year-end that differs from the year-end entered in the Most recent field, enter this year-end in the Interim field. Otherwise, skip to step 6.
  5. Continue to review the client's year-ends. If you find another year-end that differs from the year-end entered in the Interim field, enter this year-end in the Oldest field. Otherwise, skip to step 6.
  6. In the folders block, click a folder that has the Asset tab (for example, the Income & Deductions folder), click the Asset tab, and choose Tasks > Calculate All Assets.

    UltraTax CS does not consider Screen 1065 complete and will not leave the screen until you correctly enter these dates. Be sure to follow the guidelines below.

    • Enter dates in ascending order from the Oldest field to the Most recent field.
    • Enter only year-ends that differ from the preceding and following year-ends.
    • Enter only 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 calculates depreciation based only 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 year-end dates.

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

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