1120-US: Partner’s Basis Worksheet - Combine K1s received from the same partnership into one Partner's Basis Worksheet

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Why does UltraTax/1120 combine Schedule K-1s received from the same partnership into one Partner's Basis Worksheet?


UltraTax CS creates a combined basis worksheet for all K1 units with the same employer identification number (EIN). By default, the K1 unit with the lowest unit number is considered the main unit for combining the basis worksheets. You can specify a different main K1 unit by entering X in the Main K1 unit for combining basis worksheet field in Screen K1.

Per Revenue Ruling 84-53, a partner holding more than one interest in a partnership has a single, aggregated adjusted basis in those interests. This rule applies regardless of whether the partner holds a general interest, a limited interest or any combination of general and limited interest. Therefore, UltraTax/1120 combines two or more 1065 Schedule K-1s from the same partnership into one Partner’s Basis Worksheet.

Related topic: Partner's Basis Worksheets FAQs

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