Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen PBasis - Partner Basis (1120)

Increases to Partner Basis

The application marks this field when data is entered in any field in this screen or when financial data is shared from UltraTax/1065 to this screen.

Decreases to Partner Basis

If the partnership activity is disposed of during the year, and you enter the gain on disposal in the
Detail schedule
 dialog in the D Screen, the application includes this gain in the Partner’s Basis Worksheet Other decreases statement. To specify the gain to the K1 activity in the
Detail schedule
, select
K-1
 in the
Form
 column, and enter the applicable K1 unit in the
Unit
 column. To indicate the partnership activity was disposed of during the year, enter a code in the
Disposition of activity
 field or enter
X
 in the
Final Schedule K-1
 field in the K1 Screen.
The gain on disposal of the partnership interest is not included in the partnership basis calculation, since the basis is used to calculate the gain. Therefore, UltraTax/1120 includes the gain in the Partner’s Basis Worksheet Other decreases statement.
If the gain from the disposal of the partnership interest is not a calculated amount, use this field to enter a different amount for the Other decreases statement.
If the partnership activity is disposed of during the year, and you enter the loss on disposal in the
Detail schedule
 dialog in the D Screen, the application excludes the capital loss in the basis calculation. To specify the loss to the K1 activity in the
Detail schedule
 dialog, select
K-1
 in the
Form
 column, and enter the applicable K1 unit in the
Unit
 column. To indicate the partnership activity was disposed of during the year, enter a code in the
Disposition of activity
 field or enter
X
 in the
Final Schedule K-1
 field in the K1 Screen.
The loss on disposal of the partnership interest is not included in the partnership basis calculation, since the basis is a component of the capital loss.
Enter
X
 if the losses for the activity entered in the Detail schedule dialog in the D Screen should be included in the calculation of the partnership basis.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close