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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual

Disposition of an 1120s or 1065 K-1 activity data entry

Enter a current year disposition of a partnership interest or S corporation stock in the
Schedule for detail
 statement on the
B&D
 (Income folder) screen. Enter
Business
 in the
Type
 column with the
Form
 and
Unit
 selected. Also, mark
Disposition of activity
in the K1 1065, 1120S folder on the K1-2 screen.
Follow these steps to complete the
Schedule for detail
 statement:
  1. Enter
    B - Business
     in the
    Type
     column.
  2. Enter the remaining basis in the
    Cost/Basis
     field.
    note
    Basis is calculated on the
    Basis
     worksheets in forms view (BasisPTR and BasisSh folders).
  3. Enter the selling price in the
    Sales Price
     field (enter
    0
     or leave blank if the activity was dissolved).
  4. Enter
    K1 - S corp/Partnership
     in the
    Form
     column and select the activity in the
    Unit
     column.
  5. Enter dates in the
    Date Acq'd
     and
    Date Sold
     columns.
The sale reports on Form 8949 and Schedule D. Enter any distributions on Screen K1-5, in the Items Affecting Basis section. Distributions will reduce the basis calculated on the Basis worksheets. If distributions exceed the basis, a capital gain will automatically calculate on Form 8949.
If Section 1411(c)(4)(A) applies, refer to 1040-US: Disposing of interests in partnerships or S corporations when section 1411(c)(4)(A) applies.
Installment sales
Use the K1Sale screen in the K1 activity's K1 1065, 1120S folder to enter separately stated section 179 dispositions.

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