Enter transfers of partner capital
Do the following to enter transfers of partner capital:
- SelectView,Partner Information, thenTransfers of Capital.
- SelectAdd Date.noteAlternatively, selectTransfers of Capital Wizardto open theTransfers of Capital Wizardwindow. The wizard walks you through each step required to complete a transfer of partners' capital.
- In the Capital account adjustments group section, select how to adjust the capital account for the transferring and receiving partners.noteSet the default capital account adjustment for the transferring and receiving partners in theTransfers of Capital Accountswindow. To open this window, selectSetupthenTransfers of Capital Accounts.
- In the Transfer allocation by group section, selectBeginning capitalorEnding capital.
- In the Transfer allocation type group section, selectPercentageorAbsolute dollar.noteIf you select the Percentage option, the total of all receiving partners' percentages needs to total 100 percent.
- If you need to prepare Form 8308 for the transfer, use the8308screen in theSchedule K folderfor data entry.
- Enter information for all transferring and receiving partners in the Transferring and Receiving columns.note
- If you selectProperty distributionsin theTransferring or the Receivingfield 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 selectDistributeto distribute the remaining percentage or amount to selected partners and to indicate whether to distribute the remaining percentage or amount equally or pro rata.
- Repeat steps 2–7 for any additional transfers of capital.
- To view the transfers of capital computations, selectFile,Print Reports,Transfers of capital computationin the Print what group section, thenPrevieworPrint.
- Enter any necessary changes of ownership in theChanges of Ownershipwindow.
