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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Data sharing

Items automatically shared from a 1065 or 1120S client

The data sharing feature lets you share partner and shareholder basis information from 1065 and 1120S clients to 1040 clients. The following information identifies basis items that are automatically shared.
  • Schedule K-1:
     Any item reported on Schedule K-1 that is normally shared, such as property distributions. For information on which Schedule K-1 data is not shared, see Federal K-1 financial data not shared (PDF). (You will need Adobe Reader to view the PDF. If you don't have the current version or if you have difficulty opening the PDF, you can download and install the latest version of the Adobe Reader from the Downloads page of the Adobe website.)
  • From 1065:
    Form/Worksheet
    Item
    Partner's Basis Worksheet, Page 1
    Capital contribution: Cash
    Partner's Basis Worksheet, Page 1
    Capital contribution: Property (adjusted basis)
    Partner's Basis Worksheet, Page 1
    Increase in share of partnership liabilities
    Partner's Basis Worksheet, Page 1
    Decrease in share of partnership liabilities
    Partner's Basis Worksheet, Page 1
    Excess depletion
    Partner's Basis Worksheet, Page 1
    Other basis increases
    Partner's Basis Worksheet, Page 1
    Other basis decreases
    Partner's Schedule K-1
    Nonrecourse liability
    Partner's Schedule K-1
    Qualified nonrecourse liability
    Partner's Schedule K-1
    Recourse liability
  • From 1120:
    Window/Tab
    Field
    Shareholder Information
     window then the Other Info tab
    Select
    View
     then
    Shareholder Information
     to open the
    Shareholder Information
     window.
    Shareholder health insurance (Not included on the shareholder's Form W-2)
    Shareholder Basis
     window then the Stock tab
    Select
    View
    ,
    Shareholder Information
    , then
    Shareholder Basis
     on the Shareholder tab to open the
    Shareholder Basis
     window.
    Capital contributions
    Other increases
    Other decreases
    Shareholder Basis
     window then the Loan tab
    Select
    View
    ,
    Shareholder Information
    , then
    Shareholder Basis
     on the Shareholder tab to open the
    Shareholder Basis
     window.
    Loans to corporation
    Other increases
    Other decreases
    Face amount shareholder loan (Mandatory)
    Shareholder Basis
     window then the Suspended Losses tab
    Select
    View
    ,
    Shareholder Information
    , then
    Shareholder Basis
     on the Shareholder tab to open the
    Shareholder Basis
     window.
    Regulation 1.1367-1(g) election (w/Election)
    Suppress 1367 election statement
    Suppress proforma of nondeductible expenses

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