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Data Sharing

Data sharing basis information from 1065 clients to 1120 clients

Data sharing lets you share partner basis information from 1065 clients to 1120 clients. In addition to basis items that are automatically shared, you may choose to share beginning-of-year basis balances and prior-year suspended basis losses to 1120.
The following information shows how to share beginning-of-year basis and prior-year suspended basis losses, and how to prevent basis information from being shared.

Beginning-of-year basis balances and prior-year suspended basis losses

Beginning-of-year basis balances and prior-year suspended basis losses aren't automatically shared from 1065 clients to 1120 clients. If this is the 1st year you're preparing the Partner’s Basis worksheet in 1120 and you'd like to share this information, enter
X
 in the
Data share beginning of year basis and prior year suspended losses
 field in the
Basis
 screen in the
Partner Info
, then
Basis
 folder in the 1065 client. Data sharing beginning-of-year basis balances and prior-year suspended basis losses will replace any data proforma'd in UltraTax CS/1120 for these items.

Prevent basis information from being shared

To prevent basis information from being shared when the partner basis worksheets are calculated in UltraTax CS/1065, enter
X
 in the
Suppress data share of partner basis information
 field in the
Basis
 screen in the
Partner Info
, then
Basis
 folder in the 1065 client. This option will be applied to all partners in the partnership.
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