Entering transfers of partner capital

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  1. Choose View > Partner Information, and click the Transfers of Capital button.
  2. Click the Add Date Add Date button button (or press CTRL+A), enter the date on which the transfer occurred, and click OK. (The date you enter must fall within the client's tax year.)

    Note: Alternatively, click the Transfers of Capital Wizard Wizard button button to open the Transfers of Capital Wizard dialog. The wizard walks you through each step required to complete a transfer of partners' capital.

  3. In the Capital account adjustments group box, select how the capital account is to be adjusted for the transferring and receiving partners.

    Note: Set the default capital account adjustment for the transferring and receiving partners in the Transfers of Capital Accounts dialog. To open the Transfers of Capital Accounts dialog, choose Setup > Transfers of Capital Accounts.

  4. In the Transfer allocation by group box, click the Beginning capital option or the Ending capital option.
  5. In the Transfer allocation type group box, click the Percentage option or the Absolute dollar option.

    Note: If you select the Percentage option, the total of all receiving partners' percentages must total 100 percent.

  6. If Form 8308 should be prepared for this transfer, mark the Prepare Form 8308 checkbox.
  7. Enter information for all transferring and receiving partners in the Transferring and Receiving columns.

    Notes

    • If you select Property distributions in the Transferring or the Receiving field in step 3, enter the fair market value of the partners' transferring and receiving amounts in the FMV columns.
    • You can enter a partial portion of the transfer of capital and then click the Distribute Distribute button button to distribute the remaining percentage or amount to selected partners and to indicate whether the remaining percentage or amount should be distributed equally or pro rata.
  8. Repeat steps 2 through 7 for any additional transfers of capital.
  9. To view the transfers of capital computations, choose File > Print Reports, click the Transfers of capital computation option in the Print what group box, and click the Preview or Print button.
  10. If applicable, enter any necessary changes of ownership in the Changes of Ownership window.

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