Enter change of ownership information
Do the following to enter change of ownership information:
- SelectView,Partner Information, thenChanges of Ownership.
- SelectAdd Date(or press CTRL+A), enter the date the ownership changed, and selectOK. (The date you enter must 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.noteMark theEnter end of year percentagescheckbox to add the End of Year column to the Changes of Ownership window. The End of Year column is used to enter a change of ownership as of the last minute of the last day of the client's tax year.
- In the column you just added, update the percentages or units for partners whose ownership has changed.note
- You can enter a partial portion of the ownership change and then selectDistributeto distribute the remaining percentage (100 percent less the current total for profit, loss, or ownership capital) to selected partners and indicate whether the remaining percentage should be distributed equally or pro rata.
- If the changes of ownership grid is displayed by Type, selectLoss or Ownership Capitalin the Changes of Ownership list to enter or update the loss or ownership of capital 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 the partners' calculated prorated percentages:
- SelectFilethenPrint Reportsin thePartnership Informationwindow (ViewthenPartnership Information).
- SelectProrated percentage computation.
- SelectPrevieworPrint.
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Enter changes of profit, loss, or ownership percentages
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