State Calculations dialog

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Use this dialog to set options that affect state treatment columns for all Fixed Assets CS clients. Within this dialog, there are tabs for each entity type - 1040, 1120C, 1065, 1041, and 990 / Others. Each tab contains information about the selected state's compliance with section 168(k), 1400L, 1400N, and 168(n).

To open this dialog, choose Setup > State Calculations.

Note: Depending on your security configuration, you might be prompted to enter the master password before you can open the State Calculations dialog.

The information in this dialog regarding each state's compliance with bonus depreciation and limitations on section 179 is current as of the first release of 2015 Fixed Assets CS. If the state law regarding bonus depreciation or section 179 limits changes after the first release of Fixed Assets CS, you must make the appropriate changes in this dialog. For information on making these changes, see the following topics.

Fields & buttons

Choose the state for which you will set calculation options from this field.

Each asset's state treatments will follow the state calculations set in this dialog.

The State Calculations dialog contains a tab for each entity type. Click the tab for the entity for which you will set calculation options.

Note: If a client is currently open, the State Calculations dialog opens with the tab for that client's entity type active.

Mark this checkbox if the selected state requires an addback of the special depreciation allowance claimed on federal Form 4562 and/or 2106. When this checkbox is marked, the state calculation will allow for bonus depreciation.

Note: When this checkbox is marked, the checkboxes and options in the Bonus Depreciation group box are not available.

Bonus Depreciation group box

The checkboxes within this group box are not available if the State treatment is not applicable checkbox is marked.


Follow IRC Sections 168(k) & 1400L

Mark this checkbox to indicate that the selected state should never follow IRC sections 168(k) and 1400L.

Mark this checkbox if the selected state follows sections 168(k) and 1400L only for specific date ranges. Then, click the Dates button to enter the specific dates ranges for which the selected state follows section 168(k) and 1400L.

Mark this checkbox if the selected state allows bonus depreciation before a certain fiscal year-end date. Enter the fiscal year-end date before which bonus depreciation is allowed in the corresponding field.

Mark this checkbox if the selected state follows sections 168(k) and 1400L for specific tax years. Then, click the Years button and mark the checkbox for each year that the state follows sections 168(k) and 1400L.

Mark this checkbox if the selected state does not allow the election from 50% to 30% bonus depreciation.

Mark this checkbox if the selected state does not allow the election from 100% to 50% bonus depreciation.

1400N (GO Zone)

Click the appropriate option to indicate whether the state follows or does not follow section 1400N (GO Zone).

168(n) (Disaster Area)

Click the appropriate option to indicate whether the state follows or does not follow section 168(n) (Disaster Area).

Section 179 limitation group box

Choose the year for which you want to modify the section 179 limitations for the selected state and entity type.

If the state has a section 179 maximum dollar limit that is different from the application-default limit, enter that amount in this field.

Note: To change this amount for each client on a treatment-by-treatment basis, enter a different amount in the Setup > Treatments > Treatment Options dialog.

If the state has a maximum property placed in service limit that is different from the application-default limit, enter that amount in this field.

Note: To change this amount for each client on a treatment-by-treatment basis, enter a different amount in the Setup > Treatments > Treatment Options dialog.

Fixed Assets CS defaults to using the current-year section 179 maximum dollar limitation to complete Form 4562 and the Form 4562 worksheet.

If the client has taxable income less than the current-year section 179 maximum dollar limit, enter the taxable income in this field. Otherwise, no entry is required.

You can enter zero, if appropriate, and the year-end closing procedure resets this field to the section 179 maximum dollar limitation.

Note: To change this amount for each client on a treatment-by-treatment basis, enter a different amount in the Setup > Treatments > Treatment Options dialog.

If the state has a section 179 maximum real property limit that is different from the application-default limit, enter that amount in this field.

Note: To change this amount for each client on a treatment-by-treatment basis, enter a different amount in the Setup > Treatments > Treatment Options dialog.

Mark this checkbox if the selected state allows additional GO Zone section 179 expense.

Mark this checkbox if the selected state allows additional disaster area section 179 expense.

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