Setting up special allocation groups for partnership depreciation data

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For users of UltraTax/1065: Use the following procedure to identify which partnership assets have depreciation to be specially allocated among the partners. These allocation groups are then automatically available for use in the Partnership Allocation Spreadsheet in UltraTax/1065.

  1. Open the partnership client.
  2. In the Asset List window, choose the appropriate business activity folder.
  3. Choose Setup > 1065 Allocation. This opens the Partnership Allocation dialog where you may select the existing Individually Allocated group or create a new group.

    Notes

    • Each asset included in the Individually Allocated group is listed separately in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the asset's description.
    • All of the assets selected for a user-defined allocation group are included together as a single item in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the allocation group description.
    • Assets for which the Tracking partner's outside basis (1065 only) checkbox is marked on the Other tab should be allocated together.
  4. Do one of the following.

    1. In the Add Partnership Allocation dialog, enter a short description for the new allocation group, then click Continue.

      Note: Only the first 16 characters of the description appear as the asset description for all items in this group when listed in the UltraTax/1065 Partnership Allocation Spreadsheet.

    2. In the Select Assets dialog, double-click the assets (left pane) that you want to add to the group, then click Continue to save the information.
    1. In the Add Partnership Allocation dialog, click an existing allocation group to select it.

      Note: You cannot change the name of the Individually Allocated group.

    2. Click the Edit button and then click the Select Assets button to open the Select Assets dialog.
    3. Add or remove assets from the allocation group.
    4. Click OK to save the information.
    5. Click Enter to save the changes you made.
  5. Click Done to return to the Asset List window.

The next time you open the Partnership Allocation Spreadsheet, you can use the new columns that are available to make allocations to the various partners. For more information about entering partnership allocations in UltraTax/1065, search the UltraTax CS help for "UltraTax/1065 procedures."

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