CCA Listing EOY [R1302]
Introduction
The CCA Listing EOY report [R1302] provides information on capital cost allowances
for assets or pools as of last fiscal year end to assist in the preparation of
the lessor’s tax return.
Three
groups of reports may be generated. The first group includes details on how capital
cost allowance is calculated and consists of the following 3 reports:
- CCA LISTING EOY - SLP [R1302A]
This report details how CCA
is calculated on assets coded as specified leasing property.
- CCA LISTING EOY - DECL [R1302B]
This report details how CCA
is calculated on assets or pools on the Declining Balance CCA calculation method.
- CCA LISTING
EOY - SL [R1302C]
This report
details how CCA is calculated on assets or pools on the Straight Line CCA calculation
method. Two forms of this report are available, one for the pool, and the other
for an asset placed in a separate class.
The
second group contains one report, CCA Listing EOY - Pooled Assets [R1302D], which
lists all assets active, added, or disposed of in the pool during the last fiscal
year.
The third group
contains one report, CCA Summary EOY [R1302E], which summarizes CCA information.
All reports described
above may be accessed through the CCA report menu [R13].
The report may be selected
for:
- All tax entities
- A
single tax entity
- A
class
The reports
are organized by tax entity and class.
Report Selection
This
screen is used to select report criteria.
- ALL
Enter X to report on assets
by tax entities. Leave blank to report on a tax entity and/or class.
- TAX ENTITY
Enter
the number of the tax entity upon which to report. Leave blank if reporting for
more than one tax entity. Use Help for a list of current tax entities.
- CLASS
Enter
the class upon which to report. Leave blank if reporting for more than one class.
Use Help for a list of valid classes.
This
screen is used to select the remainder of report criteria and to specify which
reports to generate.
- FISCAL
YEAR END
Enter the fiscal
year end date for which the reports are to be generated. It is defaulted with
the last fiscal year end if the tax entity is entered.
- CCA
LISTING EOY - SLP
- CCA
LISTING EOY - DECL
- CCA
LISTING EOY - SL
- CCA
LISTING EOY - POOLED ASSETS
- CCA
SUMMARY EOY
Place an
X next to the name of any report to be generated.
CCA Listing EOY - SLP Report [R1302A]
The CCA Listing EOY - SLP Report [R1302A] reports at the asset level on specified
leasing property, sorted by tax entity and class, and includes the following information:
- ASSET
The
asset number is displayed.
- OPENING
UNDEPRECIATED CAPITAL COST
The
ending undepreciated capital cost as of the end of the fiscal year before the
last fiscal year is displayed.
- ADJUSTMENT
The adjustment amount entered
through the CCA Adjustment update [U1502] for the last fiscal year is displayed.
- CAPITAL
COST
The capital cost
of the asset as entered through the Add Asset
of the New Lease update [U0101] is displayed.
- PROCEEDS
The proceeds from the sale
of the asset if sold is displayed.
- ORDINARY
CCA - AVAILABLE
The
cumulative capital cost allowance that would have been available for the asset
as of the end of last fiscal year, had the specified leasing property rule not
applied, is displayed.
- ORDINARY
CCA - TAKEN
The cumulative
capital cost allowance actually claimed on the asset is displayed.
- NOTIONAL
PRN - AVAILABLE
The
cumulative notional principal accrued on the loan as of the end of last fiscal
year is displayed. The prorated ordinary CCA, if any, is added to this amount.
- NOTIONAL
PRN - TAKEN
The capital
cost allowance actually claimed on the asset since it is on the current lease
is displayed.
- CAPITAL
COST ALLOWANCE
The capital
cost allowance allowed for last fiscal year is displayed. It is the lesser of
the following two amounts:
ORDINARY CCA AVAILABLE - ORDINARY CCA TAKEN
NOTIONAL PRN AVAILABLE - NOTIONAL PRN TAKEN
A "T" is displayed on the right of the capital cost allowance
field to denote that the amount is a terminal loss. An R is displayed
to denote that the amount is a recapture of capital cost allowance.
The CCA Listing EOY - DECL Report [R1302B]
The CCA Listing EOY - DECL Report [R1302B] reports on assets and pools on one of the declining balance
CCA calculation methods, sorted by tax entity and class, and includes the following
information:
- ASSET
The asset number is displayed.
This field is left as blank if the information displayed pertains to a pool.
- OPENING UNDEPRECIATED
CAPITAL COST
- CAPITAL
COST OF ADDITIONS
The
total capital cost of assets with in-service dates within the last fiscal year
is displayed.
- ADJUSTMENT
- DISPOSITION
- CAPITAL COST
The total
capital cost of assets sold during the last fiscal year is displayed.
- DISPOSITION - PROCEEDS
The
proceeds from the sale of assets during the last fiscal year is displayed.
- UNDEPRECIATED CAPITAL COST
The undepreciated capital
cost is displayed. It is calculated as follows:
OPENING UNDEPRECIATED CAPITAL COST
+ CAPITAL COST OF ADDITIONS
+ ADJUSTMENT
- THE LESSER OF (CAPITAL COST OF DISPOSITION,PROCEEDS OF DISPOSITION)
- 1/2
REDUCTIONThe reduction applicable
to the half-year rule is displayed. It is calculated as follows:
1/2
* (CAPITAL COST OF ADDITIONS
+ ADJUSTMENT
- THE LESSER OF (CAPITAL COST OF DISPOSITION,PROCEEDS OF DISPOSITION))
- REDUCED
UNDEPRECIATED CAPITAL COST
The
result by deducting the 1/2 DEDUCTION from the UNDEPRECIATED CAPITAL COST is displayed.
- CAPITAL
COST ALLOWANCE
The capital
cost allowance is displayed. It is calculated as follows:
REDUCED UNDEPRECIATED CAPITAL COST * THE EFFECTIVE RATE
A "T" is displayed on the right of the capital
cost allowance field to denote that the amount is a terminal loss. An
R is displayed to denote that the amount is a recapture of capital cost
allowance.
CCA Listing EOY - SL Report [R1302C]
The first form of the CCA Listing EOY - SL Report [R1302C] reports on assets in separate classes using one of the straight
line CCA calculation methods, sorted by tax entity and class, and includes the
following information:
- OPENING
UNDEPRECIATED CAPITAL COST
- ADJUSTMENT
- CAPITAL
COST OF THE ASSET
The
capital cost of the asset as entered through the Add Asset
of the New Lease update [U0101] is displayed.
- PROCEEDS
- UNDEPRECIATED
CAPITAL COST
- CAPITAL
COST OF THE ASSET
The
capital cost of the asset as entered through the Add Asset of the New Lease update
[U0101] is displayed. This field is redisplayed here for the calculation of the
capital cost allowance for the last fiscal year.
- RATE
%
The effective rate
for the last fiscal year is displayed. If
the CCA calculation method for the asset is SL02, then 50% of the capital cost
is allowed for 2 consecutive years. If the CCA calculation method for the asset
is SH02, then 25%, 50%, and 25% of the capital cost is allowed for 3 consecutive
years.
- CURRENT
CCA
The result by multiplying
the capital cost of the asset with the effective rate is displayed.
- PREVIOUS CCA NOT
TAKEN
The capital cost
allowance allowed but not taken for the fiscal year immediately before the last
fiscal year is displayed.
CCA Listing EOY - SL Report [R1302C]
The other form of the CCA Listing EOY - SL Report [R1302C] reports on pools using one of
the straight line CCA calculation methods, sorted by tax entity and class, and
includes the following information:
- 25%
* LESSER OF (A) & (B)
The
result of applying 25% to the lesser of the adjusted capital cost of assets with
in-service dates within the last fiscal year and the undepreciated capital cost
is displayed. If the Straight
Line method does not use the half-year convention, then 50% is displayed instead
of 25%.
The result is
labeled (C) to be used for the calculations.
Note
that this field is not displayed if a terminal loss or recapture is in effect.
- ADJUSTED CAPITAL
COST OF ASSETS LAST YEAR
The
adjusted capital cost of assets with in-service dates within last fiscal year
is displayed. The adjusted capital
cost is calculated by deducting the adjustment amount entered for the fiscal year
before the last fiscal year.
The
result is labeled (D) to be used for the calculations. Note
that this field is not displayed if a terminal loss or recapture is in effect.
- 50% *
(D) + (((B) - (A)) - ((D) * 75%))
The
amounts labeled (A) through (D) are used to calculate an amount labeled (E). The
formula used in the calculation is displayed. If
the latter part of the formula results in a negative amount, then a zero is used
instead.
If the Straight
Line method does not use the half-year convention, then 50% is displayed instead
of 75% as the last part of the field label.
Note
that this field is not displayed if a terminal loss or recapture is in effect.
- LESSER OF ((B)
- (A)) & (E)
The
amounts labeled (A), (B) and (E) are used to calculate an amount labeled (F).
The formula used to calculate (F) is displayed. If
the former part of the formula results in a negative number, then a zero is used
instead.
Note that this
field is not displayed if a terminal loss or recapture is in effect.
- CAPITAL
COST ALLOWANCE (C) + (F)
The
capital cost allowance is the result of adding (C) and (F). Note
that this field is not displayed if a terminal loss or recapture is in effect.
CCA Listing EOY - Pooled Assets Report [R1302D]
The CCA Listing EOY - Pooled Assets Report [R1302D] reports at the asset level
on assets that are placed in pools, sorted by tax entity, class, portfolio, company,
region, and office, and includes the following information:
- ASSET
The asset number is displayed.
- DESCRIPTION
The asset description, as
entered through the Add Asset of the New Lease update [U0101], is displayed.
- IN-SERV DATE
The date the asset was placed
in service, as entered through Add Asset of the New Lease update [U0101], is displayed.
The in-service date is the starting date for depreciation.
- STAT
One of following asset status classifications is displayed:
- INVENTORY
The asset is off-lease and in inventory. Assets are placed in inventory either
through the Add Asset option of the New Lease update [U0101] or through the Termination
option of the Payoff update [U0103].
- ON-LEASE
The asset is on-lease. Assets are place on-lease through the Book Lease option
of the New Lease update [U0101].
- SOLD
The asset has been sold. Assets
are sold either through the Payoff option or the Sale of Asset in Inventory option
of the Payoff update [U0103].
- CAPITAL
COST
The capital cost
of the asset, as entered through the Add Asset of the New Lease update [U0101],
is displayed.
- PROCEEDS
- ORDINARY
CCA
The cumulative capital
cost allowance that would have been available for the asset as of the end of last
fiscal year, had the asset been placed in a separate class and fully depreciated
during that time.
- ITC
The Investment Tax Credit
as entered through Add Asset of the New Lease update [U0101] is displayed.
CCA Summary EOY Report [R1302E]
The CCA Summary EOY Report [R1302E]
summarizes capital cost allowance, terminal losses, or recapture of capital cost
allowance available and CCA taken on the assets and pools, sorted by tax entity
and class. It includes the following information:
- ASSET
The asset number is displayed.
This field is left as blank
if the information displayed pertains to a pool.
- T
The type of information
on a particular detail line is displayed.
- LThe
information displayed pertains to a specified leasing property.
- OThe
information displayed pertains to an asset placed in a separate class
- *PThe
information displayed pertains to a pool.
- UNDEPRECIATED
CAPITAL COST
The undepreciated
capital cost for the asset or the pool is displayed.
- CAPITAL
COST ALLOWANCE
The capital
cost allowance allowed on the asset or the pool is displayed.
- CCA TO TAKE
The
capital cost allowance to take for the last fiscal year is displayed.
- ENDING UNDEPRECIATED
CAPITAL COST
The result
from deducting the CCA TO TAKE from the UNDEPRECIATED CAPITAL COST is displayed.
- TERMINAL
LOSS
The terminal loss,
if applicable, is displayed.
- RECAPTURE
The recapture of CCA, if
applicable, is displayed.
- ITC
The Investment Tax Credit
entered through the Add Asset of the New Lease update [U0101] is displayed. This
field is left as blank if the information displayed pertains to a pool.
- COMMENTS
The
comments entered through the CCA Adjustment update [U1502] is displayed. If the
comments cannot be displayed in one line, they will be continued on the next line
under the same column.
- TOTALS/GRAND
TOTALS
The page totals for the CCA Listing EOY - SLP report [R1302A] and
the CCA Listing EOY - DECL report [R1302B] reflect the number of assets and pools,
all dollar amounts, and total capital cost allowance, which is the result of all
capital cost allowance available and terminal losses less recapture. Sub-totals
are shown for each class and tax entity. The
page totals for the CCA Listing EOY - SL report [R1302C] reflect the number of
assets placed in separate classes, all dollar amounts, and total capital cost
allowance, which is the result of all capital cost allowance available and terminal
losses less recapture. The page totals are displayed after the pool information.
If there are no assets placed in separate classes, page totals are not displayed.
Note that the pool information is not included in the page totals on the CCA Listing
EOY - SL report [R1302C]. Subtotals are shown for each class and tax entity.
The
grand totals for the CCA Listing EOY - SLP report [R1302A], CCA Listing EOY -
DECL report [R1302B], and CCA Listing EOY - SL [R1302C] are shown for all assets
and pools listed and the capital cost allowance, terminal losses, and recapture
amount.
The page totals
and the grand totals for the CCA Listing EOY - Pooled Asset report [R1302D] are
shown for all assets listed grouped by non-sold, sold, and current additions.
The page totals for the
CCA Summary EOY report are shown for all assets and pools listed and all dollar
amounts. Grand totals are shown for all entries
listed and the dollar amounts of terminal losses, recapture, capital cost allowances,
and the capital cost allowances to claim.
LeasePak Reference Guide
©
by McCue Systems Incorporated. All rights reserved.
The information contained in this document is the property of McCue Systems, Inc.
Use of the information contained herein is restricted. Conditions of use are subject
to change without notice. McCue Systems, Inc. assumes no liability for any inaccuracy
that may appear in this document; the contents of this document do not constitute
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or copied only in accordance with the terms of said license. Unauthorized
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of McCue Systems, Inc. is prohibited.
