Calculate gains recognized on excess distributions

UltraTax CS calculates gains recognized on excess distributions (ordinary, short-term, and long-term gain determination) on the Partner Basis Worksheet, line 34. Follow these steps to enter a character of gain code to determine where to report recognized gain.
  1. Go to the PBasis1 screen in the K1 1065, 1120S folder (K1 P/S).
  2. Enter a
    Character of gain code
    . Choices include:
    • 1
      for ordinary gains reported on Schedule E, Page 2.
    • 2
      for short-term capital gains reported on Schedule D, Part I
    • 3
      for long-term capital gains reported on Schedule D, Part II.
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