Puerto Rico Personal Property Tax

Alerts and notices

The UltraTax/Puerto Rico Personal Property Tax application supports 1065 and 1120 entities. It prepares the personal property tax returns from depreciation data entered in the Asset Detail dialog.

Puerto Rico forms and schedules

  • Form AS-29 - Personal Property Tax Return
  • Form AS-29.1 - Computations to Determine the Personal Property Tax
  • Form AS-29.2 - Breakdown of Balance Sheet Items
  • Form AS-29-3 - Inventory and Breakdown of Items in General Balance Sheet
  • Form AS-29-4 - Breakdown of Personal Property Valuation by Municipalities
  • Form AS-30 - Request for an Automatic Extension of Personal Property
  • Form AS-31 - Request for Additional Extension of Time to File the Personal Property Tax Return
  • Form BC-47 - Payment Voucher - Personal Property

Depreciation treatments required for all PR PPT assets

The Book or PR treatment must be entered for Puerto Rico Property Tax returns. By default, the Book treatment transfers to the return. However, if the Complete return using the PR treatment within the Asset module field is marked on Screen Gen in the General folder for UltraTax/Puerto Rico Property Tax, the PR treatment will transfer to the return.

Note: If you previously entered depreciation data for only the Tax treatment, you can copy asset data from the Tax treatment to the Book treatment or to the PR treatment.

Associations required for all PR PPT assets

  • Situs: Each asset must have Puerto Rico selected in the Situs field to transfer to the Puerto Rico Personal Property Tax return.
  • Municipality - PR: Select the municipality in which the asset is located from the drop-down list.
  • PPT type - PR: Select the appropriate personal property type for the asset from the drop-down list. The number refers to the corresponding line number on which the asset is reported on the Breakdown of Balance Sheet Items Form AS-29.2. Assets with the following property types transfer to Form AS-29.2.

    • 26 - Trade marks, franchise, etc.
    • 27 - Goodwill
    • 31 - Land
    • 32 - Buildings
    • 36 - Furniture and fixtures
    • 38 - Machinery and equipment - Real property
    • 40 - Moveable machinery and equipment
    • 42 - Machinery and equipment leased to others
    • 44 - Motor vehicles with licenses
    • 46 - Not licensed motor vehicles
    • 48 - Boats
    • 50 - Horses and others
    • 54 - Bovine cattle

    Note: The associations listed above are maintained by UltraTax CS and Fixed Assets CS and cannot be modified. If the association fields are left blank, the asset will not transfer to Form AS-29.2.

Associations required for PR PPT assets

  • Fair market value: Enter the fair market value of the asset. This value in connection with the Useful life - estimate association will be used to automatically calculate the taxable value of machinery and equipment for the following property types.

    • 40 - Moveable machinery and equipment
    • 42 - Machinery and equipment leased to others
    • 46 - Not licensed motor vehicles
  • Useful life - estimate: Enter the useful life of the asset. This value in connection with the Fair market value association will be used to automatically calculate the taxable value of machinery and equipment for the following property types.

    • 40 - Moveable machinery and equipment
    • 42 - Machinery and equipment leased to others
    • 46 - Not licensed motor vehicles

See also

Entering de minimis assets

UltraTax CS personal property tax returns

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