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Partner info

Distribute amounts to partners using the interim closing of books method

Do the following to determine the partners' distributive share amounts using the interim closing of books method (interim closing annualization).
  1. Select
    View
    , then
    Partner Information
    .
  2. Select
    Changes of Ownership
     (or select
    Ctrl+W
    ).
  3. Select
    Add Date
     (or select
    Ctrl+A
    ), enter the date the ownership changed, and select
    OK
    . (The date you enter will need to fall within the client's tax year.)
    UltraTax CS automatically adds a column for the date you entered and shows the percentage or unit from the previous column for each partner.
  4. In the date column you just added, update the percentage or unit for partners whose ownership has changed.
  5. Enter additional ownership changes, up to 1 change for each day of the client's tax year, as needed. If you enter additional ownership changes, UltraTax CS automatically updates the percentages or units in each date column according to the percentages or units in the previous date column.
  6. Select
    Done
     to close
    Partner Data Entry
     and to return to the current input screen or form.
  7. Select
    View
    , then
    Interim Closing Annualization
    .
  8. In the
    Interim Closing Annualization
     window, enter the amount allocated to each period of ownership for each item to be distributed for all fields on all federal, state, and city tabs.
note
  • Once you've entered information for any item in the Annualization spreadsheet, UltraTax CS distributes all partners' distributive shares using the interim closing of partnership books method. If there's no entry for an item in the Annualization spreadsheet, UltraTax CS will default the entire amount to the last period of ownership.
  • If an amount is specially allocated to the partners using the
    Special Allocation of
     window, UltraTax CS doesn't use this method to calculate the partners' distributive share amount for that item only.
  • To delete all entries in the
    Interim Closing Annualization
     window and use the proration method, select
    Edit
    , then
    Delete All Data
    .

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • Subject: schedule-k1-subject

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