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Federal input screens

Screen PBasis1 - Partner Basis (1040)

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Calculate Partner Basis Worksheet
Enter
X
 to calculate the Partner Basis Worksheet. This field marks automatically when any field in this screen has data. If this field isn't marked, the basis worksheet won't calculate and the losses and deductions are enabled without being limited by the partner basis. In addition, when this field isn't marked, the information in the the
PBasis1
 and
PBasis2
screens doesn't proforma.
note
UltraTax CS creates a combined basis worksheet for all K1 units with the same employer identification number (EIN). By default, the K1 unit with the lowest unit number is considered the main unit for combining the basis worksheets. You can specify a different K1 unit by entering
X
 in
Use this unit as main unit for combining units of same entity into one basis worksheet
 on the
K1
 screen.
Gain on complete disposal of sale... (Force)
When the code in
Disposition of activity
 in the
K1-2
 screen is
1
 (entire disposition), the Schedule D amounts for this activity (from the statement for
Schedule for detail
 in the
B&D
 screen) are added to the amounts in the
Other decreases in basis
 statement in the
PBasis1
 screen on the basis worksheet. When
Disposition of activity
 code is
2
 (disposition of passive activity sold on installment basis), the amount of the installment gain from this activity is added to the
Other decreases in basis
 statement. Because the basis is used to calculate the gain, the gain from the partnership sale isn't part of the partnership's basis and the amount of other decreases is required. If the gain from the disposed activity is an amount other than the calculated amount, use this field to enter a different amount for other decreases. If you enter
0
 (zero), an amount isn't produced in the
Other decreases in basis
 statement.
Include capital losses on complete disposal of partnership
When the code in
Disposition of activity
 in the
K1-2
 screen is
1
 or
2
, the capital losses for this activity are excluded from the calculation of basis. (Capital losses are entered in the statement attached to
Schedule for detail
 in the
Sales of Capital Assets
 section of the
B&D
 screen.) Capital loss isn't included in the basis calculation because the partnership's basis is a component of the capital loss and shouldn't be considered again in the calculation of basis. To include losses from the the
B&D
 screen Sales of Capital Assets statement activities in the losses allocation worksheet for basis, enter
X
 in this field.
State, if different
Enter state amounts if different from the federal amounts.
note
  • The State allocation spreadsheet is only available when the client being processed includes at least one state return.
  • the
    State, if different
     fields for the
    PBasis1
    ,
    PBasis2
    ,
    SBasis1
    , and
    SBasis2
     screens are only relevant to the following states: Alabama, Arkansas, California, Hawaii, Kentucky, Massachusetts, New York, Oregon, and Wisconsin. Other state returns being processed with the client display in the State allocation spreadsheet, but the amount fields aren't turned on for data entry. AMT-related
    State, if different
     fields apply to California.
For more information, access the input screen help for the state application by selecting
F1
 from within a state input screen.

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