Asset depreciation issues for 1041 state returns

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If you are entering asset information for a 1041 state or city return in the asset module, note that some 1041 state and city returns have depreciation issues of which you should be aware.

New York

Data calculation and transfer

Once depreciation is calculated, UltraTax CS transfers depreciation amounts for assets entered with a MACRS code in the Tax column to the statement dialog for the Depreciation information field on Screen NYOther in UltraTax/1041-NY. If depreciation amounts are not entered in the asset module, they must be entered directly on Screen NYOther in the statement dialog for the Depreciation information field.

Note: New York does not accept "various" for the date acquired; therefore, do not enter 999999 in the Acquired field.

Asset dispositions

UltraTax/1041 transfers post-1980 MACRS assets that were disposed of in the current year to the statement dialog for the Disposition adjustments field on Screen NYOther.

Federal imports

The table that follows contains information concerning the source of imported federal amounts. It refers to depreciation amounts from the asset module.

Field

Federal source

Total federal MACRS

Total current federal depreciation for assets with a "Tax" MACRS depreciation code and a "State" non-ACRS depreciation code.

Total allowable NY depreciation

Total current state depreciation for assets with a "Tax" MACRS depreciation code and a "State" non-MACRS depreciation code.

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