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Interim Closing Annualization window (1065)
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IRS Regulations section 1.706-4(a)(1) defines the two methods to determine a partner's distributive share amount: interim closing of the partnership books and proration.
Use the
Interim Closing Annualization
window to determine the partners' distributive shares using the interim closing of the partnership books method. UltraTax CS uses the information you enter in this window and the percentages entered in the Changes of Ownership
window in Partner Data Entry
to calculate the distributive amounts.To open the
Interim Closing Annualization
window, select View
, then Interim Closing Annualization
with a 1065 client open.note
- You'll need to enter the different periods of ownership in theChanges of Ownershipwindow inPartner Data Entrybefore you can enter annualization information. UltraTax CS uses these ownership periods to determine which columns appear in theAnnualizationspreadsheet.
- UltraTax CS uses data entry from the federal and state input screens to determine the rows that appear in theAnnualizationspreadsheet. If there are no items to be annualized, the text "There are no items to annualize at this time" will appear.
- Once information is entered for any item in theAnnualizationspreadsheet, UltraTax CS distributes all partners' distributive shares using the interim closing of partnership books method. If there's no entry for an item in theAnnualizationspreadsheet, UltraTax CS will default the entire amount to the last period of ownership.