FA Tax Book - Cost Adjustment Treatment as new additions to satisfy tax requirement
My tax dept requires FA tax book cost adjustement to be treated as asset addition with its own full life not taking the original asset's life or in service date
Currently when I make a cost adjustemnt to an existing asset in CORP book, that adjustemnt takes catch up depreciation of the original asset but for tax law requirement that cost adjustment should be treated as it own asset with its own life and in service date in Tax Book
Example:
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CORP Book
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Asset# 123
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In Service
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Asset cat
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Life/Yr
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Method
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Original Cost
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10,000.00
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01-Jan-09
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Computer-Hardware
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3.0
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STL
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Cost Adjustment
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5,000.00
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01-Aug-09
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Computer-Hardware | |||||||||
0