2018 UltraTax CS
New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
See also: 1040 California frequently asked questions
Overview
Use this screen to review information that transferred from federal data entry. All depreciation and amortization information transfers directly into Screen CADepr from the UltraTax CS asset module when detailed data entry is used or from federal data entry when summary data entry is used and then transfers to the relevant form(s). UltraTax CS calculates Forms 3885A and 3885L with respect to forms and units.
UltraTax CS calculates a separate Form 3885A and 3885L for each activity. Form 3885A, calculated with respect to activities subject to California tax, prints when the form indicates a difference between federal and California depreciation. Form 3885L prints when required as an attachment to Form 568.
UltraTax CS provides a global option that allows you to specify how you want to enter asset information. You can enter it either in the asset module or in the various depreciation input screens. When you specify that you want to use the asset module as your method of asset data entry via File > Client Properties > Advanced Properties > Enter Asset Detail, this input screen is not applicable and the tab for this input screen does not appear. Therefore, you must enter a postal code for each asset in depreciation data entry. For more information, see Asset module overview.
If the asset module is not used, this input screen must be used to enter depreciation or amortization amounts on the relevant form(s).
It is highly recommended that all asset information be entered through the Asset tab. This data entry method ensures that California depreciation information is entered properly.
Asset Information
Enter information in this section to complete Form 3885A and 3885L, Schedule P (540) or P (540NR), the California Section 179 Expense Deduction Worksheet, Form 2106, and the California Supplemental Business Expenses Worksheets. The California sources amounts are used only for calculation of instate unreimbursed partner expenses for Schedule K1 activities. Data transfers to the California sources fields from the asset module only for assets entered with situs California. Assets may be adjusted, deleted or copied from the equivalent Everywhere statement dialogs and pasted into the California source statement dialogs.
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