Distribute amounts to partners using the interim closing of books method

Do the following to determine the partners' distributive share amounts using the interim closing of books method (interim closing annualization).
  1. Select
    View
    , then
    Partner Information
    .
  2. Select
    Changes of Ownership
    (or select
    Ctrl+W
    ).
  3. Select
    Add Date
    Add date button (or select
    Ctrl+A
    ), enter the date the ownership changed, and select
    OK
    . (The date you enter will need to fall within the client's tax year.)
    UltraTax CS automatically adds a column for the date you entered and shows the percentage or unit from the previous column for each partner.
  4. In the date column you just added, update the percentage or unit for partners whose ownership has changed.
  5. Enter additional ownership changes, up to 1 change for each day of the client's tax year, as needed. If you enter additional ownership changes, UltraTax CS automatically updates the percentages or units in each date column according to the percentages or units in the previous date column.
  6. Select
    Done
    to close
    Partner Data Entry
    and to return to the current input screen or form.
  7. Select
    View
    , then
    Interim Closing Annualization
    .
  8. In the
    Interim Closing Annualization
    window, enter the amount allocated to each period of ownership for each item to be distributed for all fields on all federal, state, and city tabs.
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