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Allocation

Allocate an asset group

Do the following to allocate an asset group:
  1. Select the business activity folder
    Income & Deductions
    ,
    Farm
    ,
    Farm Rental
    ,
    Schedule K
    , or
    Rent & Royalty
    .
  2. Select
    Asset
     to open the UltraTax CS asset module.
    note
    If the Asset tab isn't available, the client is set up for entering summary asset information instead of detailed asset information. To enter detailed asset information and enable the asset module, select
    File
    , then
    Client Properties
    ,
    Advanced Properties
    ,
    Enter Asset Detail
    , then mark the
    Enter asset detail information
     checkbox.
  3. Select
    Setup
    , then
    1065 Allocation
     to open the
    Partnership Allocation
     window to create a new group and enter special allocations.
  4. Select
    Add
    , enter a short description of the asset allocation group, then select
    Continue
    .
  5. Select the assets to allocate and then select
    Continue
     to open the
    Special Allocation
     window. More than 1 asset needs to be selected to continue.
  6. Enter the partner allocations for the current depreciation and AMT adjustment for the federal return and any attached states, as needed.
    note
    Enter the partner allocations for the current depreciation and AMT adjustment for the federal return and any attached states, as needed.
  7. Select
    OK
    , then select
    Done
     to return to the
    Asset List
     window. All of the allocation groups are listed in the Allocation list in the Allocations window in Partner Data Entry, using the allocation group description.

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