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Screen PBasis1 - Partner Basis (1041)
Calculate Partner Basis Worksheet
Enter X to calculate the Partner Basis Worksheet. This field marks automatically when any field in this screen has data. If this field is not marked, the basis worksheet will not calculate and the losses and deductions are allowed without being limited by the partner basis. In addition, when this field is not marked, the information in the PBasis1 and PBasis2 screens does not proforma.
note
: UltraTax CS creates a combined basis worksheet for all K1 units with the same employer identification number (EIN). By default, the K1 unit with the lowest unit number is considered the main unit for combining the basis worksheets.
Gain on complete disposal of sale… (Force)
When the code in the Disposition of activity field in the K1 screen is 1 (entire disposition), the Schedule D amounts for this activity (from the statement for the Capital gains or (losses) field in the Income screen) are added to the amounts in the Other decreases in basis statement in the PBasis1 screen on the basis worksheet. When the Disposition of activity field code is 2 (disposition of passive activity sold on installment basis), the amount of the installment gain from this activity is added to the Other decreases in basis statement. Because the basis is used to calculate the gain, the gain from the partnership sale is not part of the partnership's basis and the amount of other decreases is required. If the gain from the disposed activity is an amount other than the calculated amount, use this field to enter a different amount for other decreases. If you enter 0 (zero), an amount is not produced in the Other decreases in basis statement.
Include capital losses on complete disposal of partnership
When the code in the Disposition of activity field in the K1 screen is 1 or 2, the capital losses for this activity are excluded from the calculation of basis. (Capital losses are entered in the statement attached to the Capital gains or (losses) field in the Income screen.) Capital loss is not included in the basis calculation because the partnership's basis is a component of the capital loss and should not be considered again in the calculation of basis. To include losses from the Income screen Capital gains or (losses) statement activities in the losses allocation worksheet for basis, enter X in this field.
This article applies to:
- Product: UltraTax CS
- Return type: 1041 Fiduciary