Indiana Personal Property Tax

The UltraTax / Indiana Personal Property Tax application supports 1040, 1041, 1065, 1120, 1120S, and 990 entities. It prepares personal property tax returns from depreciation data entered in the
Asset Detail
window.

Indiana forms and schedules

  • Calculating forms:
    • Form 103 — Short Form — Business Tangible Personal Property Return.
    • Form 103 — Long Form — Business Tangible Personal Property Return.
    • Form 103-T — Return of Special Tools.
    • Form 102 — Farmer's Tangible Personal Property Assessment Return.
    • Form 103-N — Schedule 1 — Information Return of Not Owned Personal Property.
    • Form 106 — Schedule of Adjustments to Business Tangible Personal Property Return.
    • Form 103-SR — Single Return.
    • Form 104-SR — Single Return.
    • Form 104 — Business Tangible Personal Property Return.
  • Non-calculating forms:
    • Form 103-O — Information Return of Owned Personal Property.
    • Form 103-P5 — Business Tangible Personal Property Depreciable Assets in Pool 5.
    • Form 103-P5/ERA — Schedule of Deduction from Assessed Value Pool 5 Property in Economic Revitalization Area.
    • Form 103-ERA — Schedule of Deduction from Assessed Value Personal Property in Economic Revitalization Area.
    • Form 103-P — Claim for Exemption of Air or Water Pollution Control Facilities

Depreciation treatments required for all IN PPT assets

You'll need to enter the Book or IN treatment for Indiana Personal Property Tax returns. By default, the Book treatment transfers to the return.
However, if
Complete return using the IN treatment within the Asset module
is marked on the
Gen
screen in the General folder for UltraTax/Indiana Personal Property Tax, the IN treatment will transfer to the return.

Associations required for all IN PPT assets

  • Situs:
    Each asset needs to have Indiana selected in the
    Situs
    field to transfer to the Indiana Personal Property Tax return.
  • Location ID #:
    Enter the
    Location ID #
    for the location filing the property tax return. A property tax return is created for each different location id number you enter.
  • PPT type — IN:
    Select the personal property type for the asset from the dropdown list. The property types and the forms they transfer to are listed in the following table.
    Property type
    Form
    Pool number 1
    103-L
    Pool number 2
    103-L
    Pool number 3
    103-L
    Pool number 4
    103-L
    Pool number 1 — Farm
    102
    Pool number 2 — Farm
    102
    Pool number 3 — Farm
    102
    Pool number 4 — Farm
    102
    X — Exempt
    Does not transfer
    X — Exempt stationary industrial air purification
    103-L
    X — Exempt industrial waste control facilities
    103-L
    X — Exempt vehicles subject to excise tax
    103-L
    X — Exempt airplanes subject to excise tax
    103-L
    X — Farm — Exempt stationary industrial air purification
    102
    X — Farm — Exempt industrial waste control facilities
    102
    X — Farm — Exempt vehicles subject to excise tax
    102
    X — Farm — Exempt airplanes subject to excise tax
    102

Additional associations for IN PPT assets

Future disp date:
Enter the future disposal date of the asset if it's disposed of after the end of the federal tax year. If the future disposal date is on or before March 1 of the next tax year, the asset won't transfer to the Indiana PPT return.
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