Asset Detail > Other tab

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Use the Other tab of the asset module's Asset Detail dialog to enter miscellaneous information.

To open this tab, perform one of the following steps.

  • If the asset has already been added, select it in the Asset List window, click the Modify button, and then click the Other tab.
  • If the asset has not yet been added, click the Add button in the Asset List window, complete the information in the Depreciation tab, and then click the Other tab.

Fields & buttons

General Information group box

Date acquired

Enter the acquisition date for the current asset if it differs from the in-service date entered at the top of the Asset Detail dialog.

Note: The acquired date is only reported on personal property tax returns and is not used in the depreciation calculations.

Section 168(f)[1]

Mark this checkbox if you elected to depreciate this asset using either the Units of Production method or a custom method.

Section 179 elected when a C Corporation (1120 Only)

Mark this checkbox if the section 179 expense was elected when the corporation was a C corporation. If this checkbox is marked, the gain or loss generated during a disposal transfers to Form 4797 instead of the Section 179 Disposal Worksheet within the Shareholder Packages.

Section 743(b) adjustment (1065 only)

Mark this checkbox to include the asset as a 743(b) adjustment. To include the asset on a partner K-1, in UltraTax CS, specially allocate the depreciation for each 743(b) asset.

Tracking partner's outside basis (1065 only)

Mark this checkbox if this asset is used to track a partner's outside basis for a 1065 client. If this checkbox is marked, the asset will not be included on any form printed from the application by default.

Include memo asset on balance sheet

Mark this checkbox to include this asset in the Balance Sheet Detail report if Memo is selected as the treatment's depreciation method.

Exclude memo asset from non PPT reports

Mark this checkbox to exclude memo assets from non PPT reports. This checkbox is available to be marked if any treatment on the Depreciation tab has the method of memo. The asset will only be excluded from non PPT reports for a treatment if the method is memo. The asset will be included on the Property Detail report when this option is marked.

Exclude asset from qualified income deduction

The Exclude asset from qualified income deduction checkbox is only available for assets that qualify for the qualified business income deduction.

Assets qualify if they meet one of the following criteria:

  • It has been 10 years or less from the date it was placed in service, or
  • It has been greater than 10 years the asset was placed in service but the asset is still within its recovery period, or the last full year of the recovery period.

The checkbox is only available for the following entities/activities:

  • 1040 - Business, Bus COGS, Rental, Farm, Farm Rental
  • 1120S - Business, COGS, Rental, Farm, Farm Rental
  • 1065 - Business, COGS, Rental, Farm, Farm Rental
  • 1041 - Business, Bus COGS, Rental, Farm, Sch K-1
  • 990 - OP, OP COGS, Rental
Note: To mark that an activity qualifies for Section 199A go to Setup > Activity > Select Yes in field Qualifies as trade or business for Section 199A. For more information see, Activity(ies) dialog.

Example

  • An asset is purchased on 7/1/02 and uses the MACRS 5 year. Since 10 years after the purchase date is 7/1/12 this asset will not be included in the report.
  • A machine is purchased on 7/1/12 using MACRS 5 year. Since 10 years after it was placed in service is 7/1/22, it is within the ten year period and the machine is qualified property.

Basis for business income deduction (force)

Use this field to force the Basis for business income deduction. The amount that you enter here will be used as the cost basis on the Qualified Property report, and it will also change the amount that the tax return uses if you are using UltraTax. This field is available when you mark the that the activity qualifies as a trade or business for Section 199A under Setup > Activity.

Qual sec 179 real prop

If the current asset is qualified section 179 real property, select the type of qualified real property from the drop-down list.

Notes

  • This field is available for assets placed into service in 2011 through 2019.
  • This field is available for the current asset if the Tasks > Designate as Real Property option is selected.
  • The type of qualified real property is automatically selected in this field if one of the following asset classes is selected from the Method/Life Wizard for the asset.
    • Leasehold improvement (qualified)
    • Restaurant building improvement
    • Retail improvement

990 investment property

Mark this checkbox to indicate that the current asset is 990 investment property.

Note: This checkbox is available only for 990 clients.

990 PSA code

Select the appropriate program service accomplishment (PSA) code.

Note: This field appears only in the Indirect activity for 990 clients.

Amortization section

If you indicated in the Method field of the Depreciation tab that the asset is to be amortized, choose the applicable amortization code from the drop-down list.

GO Zone/168(k) (force)

To force an asset to calculate bonus depreciation, select the appropriate type from this field. For details on each type of bonus, see the overview of the GO Zone/168(k) (force) field.

Notes

  • If you enter a force type in this field and are calculating the AMT and/or ACE treatment for the current asset, you need to choose Tasks > Generate AMT and Tasks > Generate ACE.
  • Bonus depreciation is automatically calculated for assets placed in service between 9/11/01 and 12/31/04 or 1/1/08 and 12/31/26 for treatments that comply with the section 168(k) bonus and are depreciated by:
    • any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long the MACRS class life has not been elected out.
    • amortization with 167 - Computer software selected in the Amortization section field in the Other tab, as long as the Computer 167 class life has not been elected out.
  • Fixed Assets CS automatically calculates bonus depreciation for assets marked as located in the GO Zone between 8/28/05 and 12/31/07 for treatments that comply with the GO Zone bonus and are depreciated by:
    • any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long the MACRS class life has not been elected out.
    • amortization with 167 - Computer software selected in the Amortization section field in the Other tab, as long as the Computer 167 class life has not been elected out.
  • Bonus depreciation is automatically calculated for assets marked as located in a Disaster Area after 12/31/07 and occurring before 1/1/10 for treatments that comply with the Disaster Area bonus and are depreciated by:
    • any MACRS method (except MACRS SL ADS Life or MACRS 150% ADS Life), as long the MACRS class life has not been elected out.
    • amortization with 167 - Computer software selected in the Amortization section field in the Other tab, as long as the Computer 167 class life has not been elected out.

Memo 1

Use this field to enter a general memo regarding this asset.

Memo 2

Use this field to enter a second general memo regarding this asset.

Mid-Quarter & Section 179 Force Options button

Click this button to open a dialog in which you can do the following tasks.

  • Force an asset to be included in or excluded from the mid-quarter determination.
  • Force an asset to calculate using the mid-quarter convention.
  • Force an asset to be considered eligible section 179 property.
  • Prevent an asset from being considered eligible section 179 property.

For more information, see Mid-Quarter & Section 179 Force Options dialog

Credit Information button

Click this button to open a dialog in which you can enter investment credit, Hawaii excise tax credit, and Alternative motor vehicle credit information.

Note: This button is available if one the following conditions are present.

  • Credit code R, C, I, A, L, N, or O is entered in the Credit field in the asset's Depreciation tab
  • 1040 clients are calculating a state treatment of HI, ID, ME, NY, OR, or RI
  • 1120 clients are calculating a state treatment of HI, ID, ME, SC, or WI
  • 1065 clients are calculating a state treatment of HI or ME
  • 1041 clients are calculating a state treatment of ME

Associations group box

Associations

The placement of association fields in the Asset Detail dialog varies depending on how the Association field order list is configured in the Setup > Associations dialog.

If an association name is followed by an asterisk and is displayed in blue, the association is used for the UltraTax CS personal property tax return for the state in which the current asset is located.

If the Method Life Wizard button button appears to the right of the first association field, that association has been set up as the primary association for this client. Click this button to open the Association Wizard and choose the appropriate association value. The default values that were entered for all applicable associations and the default asset class (from the Method/Life Wizard) will be entered for the asset.

For more information, see Overview of associations and Setting up the Association Wizard.

Note: If you are using three or fewer associations, no fields appear in the Associations group box.

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