Enter transfers of partner capital

Do the following to enter transfers of partner capital:
  1. Select
    View
    ,
    Partner Information
    , then
    Transfers of Capital
    .
  2. Select
    Add Date
    .
    note
    Alternatively, select
    Transfers of Capital Wizard
    to open the
    Transfers of Capital Wizard
    window. The wizard walks you through each step required to complete a transfer of partners' capital.
  3. In the Capital account adjustments group section, select how to adjust the capital account for the transferring and receiving partners.
    note
    Set the default capital account adjustment for the transferring and receiving partners in the
    Transfers of Capital Accounts
    window. To open this window, select
    Setup
    then
    Transfers of Capital Accounts
    .
  4. In the Transfer allocation by group section, select
    Beginning capital
    or
    Ending capital
    .
  5. In the Transfer allocation type group section, select
    Percentage
    or
    Absolute dollar
    .
    note
    If you select the Percentage option, the total of all receiving partners' percentages needs to total 100 percent.
  6. If you need to prepare Form 8308 for the transfer, use the
    8308
    screen in the
    Schedule K folder
    for data entry.
  7. Enter information for all transferring and receiving partners in the Transferring and Receiving columns.
    note
    • If you select
      Property distributions
      in the
      Transferring or the Receiving
      field in step 3, enter the fair market value of the partners' transferring and receiving amounts in the FMV columns.
    • You can enter a partial portion of the transfer of capital then select
      Distribute
      to distribute the remaining percentage or amount to selected partners and to indicate whether to distribute the remaining percentage or amount equally or pro rata.
  8. Repeat steps 2–7 for any additional transfers of capital.
  9. To view the transfers of capital computations, select
    File
    ,
    Print Reports
    ,
    Transfers of capital computation
    in the Print what group section, then
    Preview
    or
    Print
    .
  10. Enter any necessary changes of ownership in the
    Changes of Ownership
    window.

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