Calculate gains recognized on excess distributions
UltraTax CS calculates gains recognized on excess distributions (ordinary, short-term, and long-term gain determination) on the Partner Basis Worksheet, line 34. Follow these steps to enter a character of gain code to determine where to report recognized gain.
- Go to the PBasis1 screen in the K1 1065, 1120S folder (K1 P/S).
- Enter aCharacter of gain code. Choices include:
- 1for ordinary gains reported on Schedule E, Page 2.
- 2for short-term capital gains reported on Schedule D, Part I
- 3for long-term capital gains reported on Schedule D, Part II.
