Fixed Assets - EBS (MOSC)

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52-53 week calendar 13 period MACRS Deprn Schedules

edited Jan 21, 2015 10:02AM in Fixed Assets - EBS (MOSC) 5 commentsAnswered

We are using the 52-53 week calendar in GL.  This is a 13 period calendar.

When I set up the calendar in Assets and try to define the categories for the TAX books none of the MACRS depreciation methods are available because they are all based on a 12 period calendar.

I searched for a 13 period schedule but was not able to find one to set up.

I found that it is actually okay to depreciate assets based on a 12 period calendar in this scenario.

However, a taxpayer may determine particular items as though the 52-53-week taxable year were a taxable year consisting of 12 calendar months, provided that practice is consistently followed by the taxpayer and clearly reflects income. For example, an allowance for depreciation or amortization may be determined on the basis of a 52-53-week taxable year, or as though the 52-53-week taxable year is a taxable year consisting of 12 calendar months, provided the taxpayer consistently follows that practice with respect to all depreciable or amortizable items

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