Form 4255: Report Columns

The worksheet columns are arranged in the order of the Form 4255 lines, beginning with asset identification data.

These standard columns appear in the report and need no explanation:

System Number

Extension

Company Asset Number

Description

Placed in Service

Estimated Life

Disposal Date

The following guidelines provide detail on the nonstandard columns that appear on the report.

Column	Notes
Original Rate	This column displays the ITC percentage system default or the value you entered at the time you entered the ITC amount in Asset Detail.
ITC	This column displays the amount shown in the Investment Tax Credit Field in Asset Detail.
Basis	In accordance with the form instructions, the system calculates the asset's basis as it does when determining the original credit: the acquired value multiplied by the business use percentage, minus any Section 179 expense.
Applicable Percentage	The system takes the applicable percentage from the form's tables, based on the asset's property type and estimated life.
Qualified Investment	In accordance with the form instructions, the system calculates the qualified investment amount as the basis times the applicable percentage.
Number of Years (No Yr)	The Number of Years column shows the number of full years you held the asset, with partial years rounded down according to the form instructions.
Recapture Percentage	The system takes the recapture percentage from the form's tables, based on the asset's depreciation method, estimated life, and the number of full years held.
Recapture Tax	The system calculates the recapture tax as the ITC amount times the recapture percentage.