Tax & Accounting Blog

UltraTax/1120 – Now Track Basis from a 1065 Schedule K-1 Pass-Through Entity

Accounting Firms, Blog, Business Tax, CS Tax & Asset Management Solutions February 9, 2017

With 2016 UltraTax/1120, you can track a corporation’s basis in a partnership interest. Losses reported on a pass-through 1065 Schedule K-1 are limited by the amount of the corporation’s basis in the pass-through entity. UltraTax/1120 includes partner’s basis worksheets for regular tax and AMT that report these calculations. In addition, K-1 reconciliation worksheets were added for both C and S Corporations.

Screens PBasis and PBasis-2, in the K1 1065, 1041 folder, mirror data-entry for UltraTax/1040 pass-through basis, and you can share this data from the 1065 basis worksheets.

With 2016 UltraTax CS®, you can share beginning-of-the-year basis from your 1065 Schedules K-1 to the corporation’s tax return. For more information about data sharing and to see examples of sharing K-1 financial data, review these Help & How-To Center topics: Overview of Data Sharing and Data Sharing Basis FAQ.