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Use the Partnership Allocation dialog in the asset module to specify the appropriate asset allocations for a partnership client per section 754. This dialog, which is available only for 1065 clients, is used to identify which partnership assets have depreciation to be specially allocated among the partners. You may select the existing Individually Allocated group or create a new group. The allocation groups you define are then automatically available for use in the Partnership Allocation Spreadsheet in UltraTax/1065.
To open this dialog, open the Asset List window and choose Setup > 1065 Allocation.
The list pane in this dialog shows each allocation group that has already been set up for the open client.
Note: This setup feature applies only to users who transfer depreciation data directly to the Partnership Allocation Spreadsheet in UltraTax/1065. Information for all assets with the same allocation code transfer to the corresponding code in the Partnership Allocation Spreadsheet in UltraTax/1065.
Tips
- To add a partnership allocation group, click the Add button, enter a description in the Add Partnership Allocation dialog, then click Continue to open the Select Assets dialog in which you can select the assets that belong to this allocation group.
- To modify information for an existing allocation group, highlight the group in the Partnership Allocation list and then click the Edit button.
- To delete an existing allocation group, highlight the group in the Partnership Allocation list, then click the Delete button. The application prompts you to confirm that you want to delete the group.
Special information
Setting up special allocation groups for partnership depreciation data
Fields & buttons
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