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Intuit

S8Supp Net Book Value of capital assets end of year is incorrectly calculated (T2)

Description

S8Supp (Reconciliation of NBV and UCC) incorrectly includes intangible assets for corporations with a tax year that ends prior to January 1, 2017.

 

Issue:

For a corporate tax year that ends prior to January 1, 2017, ProFile's S8Supp line "NBV of capital assets, end of year" should equal to the NBV of tangible capital assets reported on Schedule 100.
 
However, this line currently equals to the NBV of both tangible capital assets and intangible assets reported on Schedule 100. As a result, the timing difference (amount "D" in Proof Section) is incorrect. 
 

Workaround:

If a corporation has a tax year that ends prior to January 1, 2017 and reports both tangible capital and intangible assets on Schedule 100, override S8Supp line "NBV of capital assets, end of year" with the appropriate NBV of tangible capital assets.
 

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