Publicly traded partnerships (PTPs) (1120)

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Enter 3 in the Type of entity field in Screen K1 to indicate that a K1 is from a publicly traded partnership. UltraTax CS properly reports income, losses, and credits from the PTP on the applicable forms, schedules, and worksheets.

UltraTax/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.

Related topic: Passive activities overview

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