1120-US: Data sharing basis information from 1065 clients to 1120 clients

Alerts and notices
Leave feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

Question

How is partner basis information shared from 1065 clients to 1120 clients?

Answer

The data sharing feature enables you to share partner basis information from 1065 clients to 1120 clients. In addition to basis items that are automatically shared, you may choose to share beginning-of-year basis balances and prior-year suspended basis losses to 1120.

The following information identifies basis items that are automatically shared, how to share beginning-of-year basis and prior-year suspended basis losses, and how to prevent basis information from being shared.

Items that are automatically shared

The following basis items are automatically shared.

Beginning-of-year basis balances and prior-year suspended basis losses

Beginning-of-year basis balances and prior-year suspended basis losses are not automatically shared from 1065 clients to 1120 clients. If this is the first year you are preparing the Partner’s Basis worksheet in 1120 and you would like to share this information, enter X in the Data share beginning of year basis and prior year suspended losses field in Screen Basis in the Partner Info, Basis folder in the 1065 client.

Data sharing beginning-of-year basis balances and prior-year suspended basis losses will overwrite any data proforma'd in UltraTax/1120 for these items.

Note: Data sharing for beginning-of-year basis balances and prior-year suspended basis losses for individual partners in a 1065 client is not available.

Preventing basis information from being shared

To prevent basis information from being shared when the partner basis worksheets are calculated in UltraTax/1065, enter X in the Suppress data share of partner basis information field in Screen Basis in the Partner Info, Basis folder in the 1065 client. This option will be applied to all partners in the partnership.

Note: You cannot suppress the data sharing of partner basis information for individual partners in UltraTax/1065.

See also: 1120-US: Partner’s Basis Worksheets FAQ

Share This