swaitsandClaude Opus 5.5
2f999c6050
check / check (push) Canceled after 0s
Book value is cost less what the books posted; the schedule's figure is apart. An asset's acquired date comes from its entry. Contributed property keeps its section 723 carryover basis apart from its depreciable basis (the lower of value and adjusted basis), with its 704(c) built-in gain and method. The K-1 worksheet reports tax-basis capital (Form 1065 Item L) beside the book figures, leaving open what only the CPA knows. Co-Authored-By: Claude Opus 5.5 <noreply@anthropic.com> Claude-Session: https://claude.ai/code/session_01T3gXMVt7XJPi6ens1or9Dj
84 lines
2.4 KiB
TOML
84 lines
2.4 KiB
TOML
# P3 defect 13, named regression 3
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# (an_asset_bought_before_it_is_in_service_is_on_the_register_from_acquisition).
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id = "assets-acquired-before-in-service"
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title = "An asset is on the register from acquisition and depreciates from its in-service date"
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rule = "Depreciation starts on the day the asset is placed in service; the asset is on the register (and the books carry its cost) from the day the company acquired it, the date of the entry that put it on the books."
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status = "AUTHORITY"
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sources = [
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"ASC 360-10-35-4 (cost allocated over the periods the asset serves)",
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"IRS Pub. 946 (2025), Placed in Service: 'ready and available for a specific use' (for tax depreciation, the CPA's)",
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"wanderbooks docs/spec/rules.md B-15, B-24",
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]
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tags = ["fixed-assets", "dates"]
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[setup]
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currency = "USD"
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fiscal_year_start = "01-01"
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basis = "accrual"
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rounding = "half-away-from-zero"
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[[setup.accounts]]
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code = "1000"
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name = "Bank"
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type = "asset"
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[[setup.accounts]]
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code = "1500"
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name = "Equipment"
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type = "asset"
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[[setup.accounts]]
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code = "1510"
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name = "Accumulated Depreciation"
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type = "asset"
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[[setup.accounts]]
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code = "6200"
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name = "Depreciation Expense"
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type = "expense"
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# A kiln bought 2026-03-10 for 3,000.00, placed in service 2026-04-01, 36
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# months, no salvage.
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[[setup.assets]]
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id = "kiln"
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description = "Kiln"
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cost = "3000.00"
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salvage = "0.00"
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life_months = 36
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in_service = "2026-04-01"
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method = "straight_line"
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cost_account = "1500"
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accumulated_account = "1510"
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expense_account = "6200"
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acquired_by = 1
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[[events]]
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date = "2026-03-10"
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description = "Kiln bought"
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lines = [
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{ account = "1500", side = "debit", amount = "3000.00" },
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{ account = "1000", side = "credit", amount = "3000.00" },
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]
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# Hand check: on the register from Mar 10 (its entry's date), nothing
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# accrued before Apr 1 (a March charge from the purchase date would have
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# been 3,000.00 / 36 x 22/31 = 59.14: none is due), and the register
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# carries the cost the books do.
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[[expect]]
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query = "register_row"
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asset = "kiln"
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as_of = "2026-03-31"
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values = { acquired = "2026-03-10", in_service = "2026-04-01", accumulated_scheduled = "0.00", accumulated_posted = "0.00", book_value = "3000.00" }
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[[expect]]
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query = "register_totals"
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as_of = "2026-03-31"
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values = { total_cost = "3000.00", unregistered_cost = "0.00" }
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# April: 3,000.00 / 36 = 83.333... -> 83.33.
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[[expect]]
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query = "depreciation_schedule"
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asset = "kiln"
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as_of = "2026-04-30"
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values = { "2026-03" = "0.00", "2026-04" = "83.33" }
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