Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Partner info

Reporting partner liabilities

UltraTax CS reports a partner's liabilities in 2 places: Schedule K-1 and the Partner's Basis Worksheet.
  • Schedule K-1:
     UltraTax CS sums the at-risk and not at-risk liabilities for each nonrecourse, qualified nonrecourse, and recourse liability for Schedule K-1, item K. If any not at-risk liabilities exist, a statement showing the breakdown of all liabilities will print for each partner on Schedule K-1, box 20, code AH - Other information. Use the
    Include at risk / not at risk liability detail on Schke K-1, box 20, Other information
     field in the K1Misc screen in the Partner Info, Basis folder to modify the print condition of this statement.
  • Partner's Basis Worksheet:
     UltraTax CS uses the difference between the total of all liabilities on the prior-year's and current-year's Schedule K-1, item K to determine the net increase or decrease for the basis worksheet. The prior-year value of a new or converted client can't be determined; therefore, the partner's share of liabilities increase (decrease) may be incorrect. Use the
    Share of partnership liabilities (Force)
     fields in the Basis screen in the Partner Info, Basis folder to force a different amount for prior-year and current-year nonrecourse, qualified nonrecourse, and recourse liabilities.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close