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Asset Detail > Other tab

Use the Other tab of the Asset Detail window 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, select the Modify button, and then select the Other tab.
  • If the asset hasn’t yet been added, select the Add button in the Asset List window, complete the information in the Depreciation tab, and then select the Other tab.

Fields & buttons

General Information group box
Enter the acquisition date for the current asset if it differs from the in-service date entered at the top of the Asset Detail window.
Mark this checkbox if you elected to depreciate this asset using either the Units of Production method or a custom method.
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.
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.
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 won’t be included on any form printed from the application by default.
Mark this checkbox to include this asset in the Balance Sheet Detail report if Memo is selected as the treatment's depreciation method.
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.
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
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 won’t 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.
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 Activity in the Setup menu.
If the current asset is qualified section 179 real property, select the type of qualified real property from the dropdown list.
Mark this checkbox to indicate that the current asset is 990 investment property.
Select the appropriate program service accomplishment (PSA) code.
If you indicated in the
Method
 field of the Depreciation tab that the asset is to be amortized, choose the amortization code from the dropdown list.
To force an asset to calculate bonus depreciation, select the appropriate type from this field.
Use this field to enter a general memo regarding this asset.
Use this field to enter a second general memo regarding this asset.
Select this button to open a window 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.
Select this button to open a window in which you can enter investment credit, Hawaii excise tax credit, and Alternative motor vehicle credit information.
Associations group box
The placement of association fields in the Asset Detail window varies depending on how the Association field order list is configured in the Associations window in the Setup menu.
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 button appears to the right of the first association field, that association has been set up as the primary association for this client. Select this button to open the Association Wizard and select the 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.

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