New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

To set up a new asset class for the Method/Life Wizard, perform the following steps.

1. Open the Asset List window for an activity.
2. Choose Setup > Method/Life Wizard.
3. Click the tab (General, Farm, Indian Reservation, or Indian Reservation Farm) that contains the asset classes to which you want to add.
4. Click the Add button.
5. In the Asset Class field, enter the name of the new asset class.
6. In the Comments field, enter any comments regarding this asset class that will be helpful during data entry.
7. At the bottom of the dialog, click the tab of the treatment for which you want to enter methods and lives.

   Note: In the Method/Life table on the treatment tab, the methods and lives are listed in ascending order. That is, the oldest method and life is at the top of the list and the most current method and life is at the bottom.

8. Click the button on the left side of the Method/Life table to add the first method and life for the asset class.
9. The Start Date dialog appears. The date in the What date will the new method or life start? field defaults to today's date. Enter the oldest date that an asset using this class would have been placed in service, and then click OK. (The application automatically enters 12/31/2999 as the end date.)

   Note: If the start date is entered incorrectly, the method or life must be deleted from the table and reentered. You can only delete the last row in the table. To delete a row, click the button next to the line you want to delete.

10. In the Method column, choose the appropriate depreciation method from the drop-down list.
11. In the Life column, enter the appropriate life.
12. In the ADS Life column, enter the ADS life to be used (when appropriate) for AMT, ACE, and E&P calculations.
13. To add the next method or life for the asset class, click the button again.
14. The Start Date dialog appears. In the What date will the new method or life start? field, enter the first date that the asset class's method or lives changed. The application automatically calculates and enters the ending date for the previous method and life and enters 12/31/2999 as the end date for the new method or life.
15. To continue adding methods and lives, repeat steps 10 - 14.

Was this article helpful?

Yes No

Submit