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Depreciation

Deduct startup and organization costs

UltraTax CS automatically transfers the startup and organization costs that you enter in the asset module directly to the other deduction line of various tax forms. Follow these steps to deduct startup and organization costs.
  1. To enter the startup and organization costs deduction in the asset module, use the Method Life wizard to select
    Intangible asset (IRS Code Sec 195 - start-up expenses)
     or
    Intangible asset (IRS Code Sec 709 - organization expenses (1065 only))
    .
  2. If you don’t use the Method Life wizard, select the amortization section from the dropdown in the
    Amortization section
     field in the Other tab. Enter the amount deducted in the
    Start-up/Org Exp
     field.
  3. If you don’t use the asset module and instead enter summary information in the 4562 screen, enter the amount deducted for the startup and organization costs in the statement window for the
    Amortization detail
     field. Enter the amount deducted in the Expense Deduction column, and enter
    195
     or
    709
     in the Code Section column.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1065 Partnership
  • Subject: Depreciation
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