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 transfers
    disregarded entity partners
    to Schedule B-1, Part II, Individuals and Estates Owning 50% or More of the Partnership. Mark the
    Report disregarded entity as corporation
    checkbox in the Federal tab in the
    Partner Information
    window 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 transfers
    grantor trust partners
    to Schedule B-1, Part I, Entities Owning 50% or More of the Partnership. Mark the
    Report grantor trust as an individual
    checkbox in the Federal tab in the
    Partner Information
    window 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.

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