1065-US: UltraTax CS support of Regulation 1.706-4 (FAQ)

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Question

Does UltraTax CS support Regulation 1.706-4?

Answer

If there is a change of ownership during the tax year, UltraTax CS defaults to using the calculated prorated sharing percentages (proration method). Alternatively, you can calculate the partners' distributive share amounts based on the sharing percentage for each ownership period by annualizing the partnership's share of current year income, deductions, credits, and other items in View > Interim Closing Annualization (interim closing of books method).

Related topic: Allocating partnership items to partners FAQs (1065)

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