Distribute amounts to partners using the proration method
Do the following to determine the partners' distributive share amounts using the proration method.
note
The proration method is the default method UltraTax CS uses to distribute amounts to partners.
- SelectView, thenPartner Information.
- SelectChanges of Ownership(or selectCtrl+W).
- SelectAdd Date
(or select Ctrl+A), enter the date the ownership changed, and selectOK. (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. - In the date column you just added, update the percentage or unit for partners whose ownership has changed.
- 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.
- To view or print the computation of the partners' calculated prorated percentages, selectFile,Print Reports,Prorated percentage computationin thePrint whatgroup box, then selectPrevieworPrint.
note
- If an amount is specially allocated to the partners using theSpecial Allocation ofwindow, UltraTax CS doesn't use this method to calculate the partners' distributive share amount for that item only.
- If an amount exists in any field in theInterim Closing Annualizationwindow for any application and ownership period, UltraTax CS doesn't use this method to calculate any partners' distributive share amounts.
