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Depreciation

Enter a mass asset disposition

Use a mass disposition to dispose of 2 or more assets in a single transaction. You can only use 1 disposal method for all the assets in a mass disposition, so you may need to dispose of some assets individually or create multiple mass dispositions.
  1. Go to the activity input folder for the asset and select the
    Asset
     tab.
  2. If the
    Asset
     tab isn't available, take the following steps:
    1. Select
      File
      , then
      Client Properties
      .
    2. Select the
      Avanced Properties
       tab.
    3. Mark the
      Enter Asset Detail
       checkbox.
  3. Select
    Tasks
    , then
    Mass Dispositions
    .
    note
    Alternatively, select the
    Mass Disposition
     button.
  4. Select
    Add
    .
  5. Enter a description that will cover all the assets you're disposing of.
    note
    For example, if you're disposing of multiple office equipment assets, enter
    Sale of Office Equipment
    . The description is used on asset reports.
  6. Select
    Continue
    .
  7. Select the assets to dispose.
    note
    • Only include land assets in mass dispositions that contain other land assets, otherwise, the disposal information won't calculate correctly.
    • For Partnerships and S corporations, you can mark or clear the
      Include Section 179 assets as available assets
       checkbox.
    • There are some restrictions, so you can't select every asset.
  8. Select
    Continue
    .
  9. Choose a method or select
    Disposal Wizard
     Disposal Wizard button to let the application guide you through the disposal data entry.
  10. Enter a date disposed.
  11. Enter the remaining data according to the disposal method.
    • Out of Service
      : You don't need extra data entry for this method. Depreciation won’t be taken after the date placed out of service. The asset remains on file until the disposal method is changed to
      Sold / Scrapped
      , or Like-Kind Exchange.
    • Retired
      : You don't need additional data entry for this disposal method. Depreciation won’t be taken after the date placed out of service. The asset remains on file until the disposal method is changed to
      Sold / Scrapped
      , or
      Like-Kind Exchange
      .
    • Casualty / Theft
      : This method is not available in a mass disposition. If you want to use this method, you'll need to dispose of the assets individually.
note
If you copy assets that were part of a mass disposition, the application creates an individual disposition for each asset in the new client or activity. To re-create the original mass disposition:
  1. Select
    Tasks
    , then
    Mass Dispositions
    .
  2. Select and delete the extra dispositions that the application created for each asset, leaving only 1 instance of the mass disposition.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual,1120 Corporation,1065 Partnership,1041 Fiduciary,990 Exempt Organization
  • Subject: Depreciation

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