In order to be eligible for extended depreciation, an asset should satisfy the following criteria:
Acquired on or before 31st March 2007
Fully reserved as of the date of inquiry
Use the Search By region of Find Eligible Assets window to search for assets eligible for extended depreciation. Navigate to the Depreciation Menu then to the Extended Depreciation menu option; the Find Eligible window is displayed.
Enter in at least one search criteria for the assets.
The Date in Service is defaulted to a high range of March 31, 2007.
Extended Depreciation Decision Status - Default: Decision not taken.
Decision not taken: This option results in query results that show all the eligible assets that are being evaluated for Extended depreciation for the first time.
Decision deferred: This option results in the query results that show all assets for which the user has set the Extended Depreciation decision to Deferred.
Decision to avail: This option results in the query results that show all assets for which the user has set the Extended Depreciation decision to Yes and excludes those assets which have finished availing extended depreciation.
Decision to not avail. This option results in query results that show all assets for which the user has set the Extended depreciation decision to No.
The Set Extended Depreciation Defaults region of Find Eligible Assets window provides access to Avail Extended Depreciation field. Use the Avail Extended Depreciation field to indicate the Extended Depreciation status to default for the assets being retrieved using the query parameters in the Search By region. Using the Set Extended Depreciation Defaults is optional.
If the Avail Extended Depreciation field is set to Yes, all assets retrieved in the Set Extended Depreciation window will have a default status of Yes in the Avail Extended Depreciation field. The first eligible period for extended depreciation will be defaulted in the First Period field for each asset.
If the Avail Extended Depreciation field is set to No, all assets retrieved in the Set Extended Depreciation window will have a default status of No in the Avail Extended Depreciation field. In this case, the first eligible period will not be defaulted in the First Period field for any asset.
If the Avail Extended Depreciation field is set to Defer, all assets retrieved in the Set Extended Depreciation window will have a default status of Defer in the Avail Extended Depreciation field. In this case, the first eligible period will not be defaulted for any asset.
If you accept the default value (null) for the Avail Extended Depreciation field, assets retrieved in the Set Extended Depreciation window will not have any default status. In this case, you need to manually choose the value for the Avail Extended Depreciation field in the Set Extended Depreciation window. Additionally, you will need to manually choose the first period from when the extended depreciation is to be availed.
In order to access the Find Eligible Assets window, set the FA: Japan 2007 Tax Reforms Features profile option to Yes.