Indicate K1 as publicly traded partnerships (PTPs)
Do the following steps to indicate that a K1 is from a publicly traded partnership. UltraTax CS properly reports income, losses, and credits from the PTP on the forms, schedules, and worksheets.
- Go to theK1screen.
- Enter3in theType of entityfield.
UltraTax CS/1120 provides a PTP Passive Activity Deduction Worksheet and a PTP Passive Activity Credit Worksheet to help track losses and credits for each PTP in a client's return.
