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Partner Data Entry > Transfers of Capital window
Show all hidden content
Use this window to enter transfers of partners' capital, to prepare Form 8308 without entering a transfer, and to zero specific partners' ending capital. The Transfers of Capital window has two sections.
- Transfers of Capital list - Use the list on the left side of the window to select the transfer you want to view in the grid on the right side of the window.
- Transfers of Capital grid - Use the grid on the right side of the window to enter data or to view information about a transfer of capital.
To open the Transfers of Capital window, select the Partner Information 
button, choose View and then Partner Information, or press CTRL+R, then select the Transfers of Capital button.
button, choose View and then Partner Information, or press CTRL+R, then select the Transfers of Capital button.Transfers of Capital list
In the Transfers of Capital list on the left side of the window, you can select the information you want to view in the Transfers of Capital grid on the right side of the window. UltraTax CS sorts transfers by date then by the order the transfers were entered.
To select a transfer of capital to view, select the transfer in the Transfers of Capital list.
Transfers of Capital grid
Transfer options group box
Prepare Form 8308
Mark this checkbox to prepare Form 8308 for the applicable transfer. UltraTax CS prepares Form 8308 for each transferring and receiving partner combination.
note
- If Form 8308 should not be completed for each transferring and receiving partner combination, enter a separate transfer of capital for each desired combination. You can add additional transfers for the same date as needed.
- To prepare Form 8308 without entering a transfer of capital, select the Wizard button or select the drop-down arrow next to the Wizard
button and select Prepare 8308 without a transfer of capital.
Capital account adjustments group box
Transferring
Select how the capital account is to be adjusted for the transferring partners for the applicable transfer from the drop-down list. Set the default capital account adjustment for transferring partners for new transfers in the Transfers of Capital Accounts dialog. To open the Transfers of Capital Accounts dialog, choose Setup and then Transfers of Capital Accounts.
Receiving
Select how the capital account is to be adjusted for the receiving partners for the applicable transfer from the drop-down list. Set the default capital account adjustment for receiving partners for new transfers in the Transfers of Capital Accounts dialog. To open the Transfers of Capital Accounts dialog, choose Setup and then Transfers of Capital Accounts.
Transfer allocation by group box
Beginning capital
Select this option to transfer all or a portion of the transferring partners' beginning capital for the applicable transfer. If you choose the
Percentage
option in the Transfer allocation type group box, UltraTax CS multiplies the percent you enter in the Transferring (%) column by the transferring partner's beginning capital balance. Enter beginning capital in the Capital account - beginning of year column in the Allocations window.Ending capital
Select this option to transfer all or a portion of the transferring partners' ending capital for the applicable transfer. If you choose the
Percentage
option in the Transfer allocation type group box, UltraTax CS multiplies the percent you enter in the Transferring (%) column by the transferring partner's ending capital balance. Ending capital includes all transfers made prior to the current transfer.Transfer allocation type group box
Percentage
Select this option to use percentage as the allocation type for the applicable transfer. For each transferring partner, enter the percentage of the partner's beginning or ending capital that you want to transfer to the receiving partners. For each receiving partner, enter the percentage of the transferred amount that the partner received.
note
- Ending capital includes all transfers made prior to the current transfer.
- The total percentage of all receiving partners must equal 100 percent.
Absolute dollar
Select this option to use absolute dollar as the allocation type for the applicable transfer. For each transferring partner, enter the amount of the partner's capital that you want to transfer to the receiving partners. For each receiving partner, enter the amount received from the transferring partner.
note
- Ending capital includes all transfers made prior to the current transfer.
- The total amount of all receiving partners must equal the amount transferred.
Other fields & buttons
Partner Name
This column lists the names of all partners in the partnership.
Beginning Capital / Ending Capital
This column lists each partner's beginning or ending capital prior to any transfers based on the selection in the Transfer allocation by group box. This column is for informational purposes only.
Transferring / Receiving
Enter the percentage or absolute dollar amount of the transferring and receiving partners for each transfer in these fields.
To add a new transfer of capital, select the Add Date 
button (or press CTRL+A), enter the date on which the transfer occurred, and select OK. (The date you enter must fall within the client's tax year.) Alternatively, select the Wizard 
button to have UltraTax CS walk you through the data entry for the transfer of capital.
button (or press CTRL+A), enter the date on which the transfer occurred, and select OK. (The date you enter must fall within the client's tax year.) Alternatively, select the Wizard button to have UltraTax CS walk you through the data entry for the transfer of capital.note
- The total amount of all receiving partners must equal the amount transferred if the transfer is by absolute dollar. If the transfer is by percentage, the total percentage of all receiving partners must equal 100 percent.
- You can specify multiple transferring partners and multiple receiving partners in a single transfer. However, a transferring partner cannot be a receiving partner in the same transfer. You can add additional transfers for the same date as needed.
Transferring FMV / Receiving FMV
Enter the fair market value of the transferring and receiving partners in these fields. These columns are available only if you select Property distributions in the
Transferring
or Receiving
field in the Capital account adjustments group box.