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No168k Treatment Conversion window
The No168k treatment is for calculating depreciation for all assets based on section 168 before the addition of section 168(k). This treatment can be used to calculate the add-back for bonus depreciation required for some states. This treatment is needed for 2002 UltraTax state processing; the treatment will turn on automatically and build for all assets in the 2002 UltraTax application if it is applicable for the state. If you turn this treatment off for a client, it won’t automatically turn on and build again for that client - even if you add a state that requires the treatment to the client.
In a previous version of Fixed Assets CS, the No168(k) treatment could be used to calculate the state bonus depreciation adjustment for those states that didn’t comply with section 168(k) and needed to adjust for the difference between the depreciation taken on the federal tax return and depreciation calculated without the 30% bonus depreciation.
Because of tax law changes to allow 50% bonus depreciation, states that don’t comply with section 168(k) are now calculating the adjustment in a variety of ways. Fixed Assets CS now allows up to 6 different state treatments. Therefore, the No168(k) treatment is no longer necessary.
This window appears the first time you open a client that is calculating the No168k treatment.
Fields & buttons
Convert the No168(k) treatment to a treatment for
Because of tax law changes to allow 50% bonus depreciation, states that don’t comply with section 168(k) are now calculating the adjustment in a variety of ways. Fixed Assets CS has been enhanced to allow up to 6 different state treatments. Therefore, the No168(k) treatment is no longer necessary.
Select the state treatment that you want to convert the No168(k) treatment to from the dropdown.