Questions 3a and 3b on Schedule B
UltraTax CS automatically marks
Yes
for Schedule B, questions 2a and 2b, and completes Schedule B-1 for partners whose direct or indirect profit, loss, or capital share is 50 percent or more at the end of the tax year.UltraTax CS uses the greater of the direct percentage from the end-of-year profit, loss, or capital percentage on Schedule K-1. The indirect percentage is based on the number entered in the
Indirect percent for maximum profit, loss, or capital
field on the Federal
tab in the Partner Information
window in Partner Data Entry. UltraTax CS also answers
Yes
to Schedule B, questions 2a and 2b, and completes Schedule B-1 when there's data in the Partners owning, directly or indirectly, 50% or more of the partnership
fields in the OthInfo screen.note
- UltraTax CS automatically transfersdisregarded entity partnersto Schedule B-1, Part II, Individuals and Estates Owning 50% or More of the Partnership. Mark theReport disregarded entity as corporationcheckbox in the Federal tab in thePartner Informationwindow in Partner Data Entry to report a disregarded entity partner on Schedule B-1, Part I, Entities Owning 50% or More of the Partnership.
- UltraTax CS automatically transfersgrantor trust partnersto Schedule B-1, Part I, Entities Owning 50% or More of the Partnership. Mark theReport grantor trust as an individualcheckbox in the Federal tab in thePartner Informationwindow in Partner Data Entry to report a grantor trust partner on Schedule B-1, Part II, Individuals or Estates Owning 50% or More of the Partnership.
