Creating an aggregate asset

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To create component assets that are summarized in an aggregate asset, perform the following steps.

Note: An aggregate asset is created automatically when you dispose of an asset through a like-kind exchange or a casualty/theft with replacement and IRS Notice 2000-4 or Reg. 1.168(i)-6 applies.

To create an aggregate asset, perform the following steps.

  1. In the Asset List window, perform one of the following steps.
    • If the asset that will be the first component of the aggregate already exists, double-click it.
    • If the asset that will be the first component does not yet exist, click the Add button and add the asset.
  2. In the Asset Detail dialog, choose Edit > Components and click Add component. (Note that the method and life default to the method and life for the previous component.)

    The original asset is now set up as a component asset.

  3. Click the Edit Components Edit Components button button next to the word "Component" in the upper left corner of the Depreciation tab.
  4. In the Components for Aggregate Asset dialog, click the Add button.

    A new component asset is created.

  5. Enter the new component's information in the Description and Date in service fields.
  6. Enter the appropriate information in the Depreciation tab.
  7. Repeat steps 3 - 6 for each additional component of the aggregate asset.
  8. When you have entered all components, click Done.

Notes

  • Information on the Depreciation tab can only be edited at the component level. Depreciation information on all other tabs (Disposal, Vehicle/Listed, Home Office, Other, and Image) is edited at the aggregate level.
  • Components can be removed from an aggregate asset by using the Delete button in the Components for Aggregate Asset dialog. Deleted components are completely removed from Fixed Assets CS.
  • The aggregate asset's Display Calculation dialog contains an Aggregate asset detail group box that lists each component asset.
  • The Aggregate Asset Report provides component detail for each aggregate asset.

See also: Like-kind exchanges for IRS Notice 2000-4 and Reg. 1.168(i)-6

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