Partner Data Entry > Transfers of Capital window

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Use this window to enter transfers of partners' capital, to prepare Form 8308 without entering a transfer, and to zero specific partners' ending capital. The Transfers of Capital window has two sections.

To open the Transfers of Capital window, click the Partner Information Partner Information button button, choose View > Partner Information, or press CTRL+R, and then click the Transfers of Capital button.

Transfers of Capital list

In the Transfers of Capital list on the left side of the window, you can select the information you want to view in the Transfers of Capital grid on the right side of the window. UltraTax CS sorts transfers by date and then by the order the transfers were entered.

To select a transfer of capital to view, click the transfer in the Transfers of Capital list.

Transfers of Capital grid

Transfer options group box

Mark this checkbox to prepare Form 8308 for the applicable transfer. UltraTax CS prepares Form 8308 for each transferring and receiving partner combination.

Notes

  • If Form 8308 should not be completed for each transferring and receiving partner combination, enter a separate transfer of capital for each desired combination. You can add additional transfers for the same date as needed.
  • To prepare Form 8308 without entering a transfer of capital, click the Wizard button or click the drop-down arrow next to the Wizard Wizard button button and select Prepare 8308 without a transfer of capital.

Capital account adjustments group box

Select how the capital account is to be adjusted for the transferring partners for the applicable transfer from the drop-down list. Set the default capital account adjustment for transferring partners for new transfers in the Transfers of Capital Accounts dialog. To open the Transfers of Capital Accounts dialog, choose Setup > Transfers of Capital Accounts.

Select how the capital account is to be adjusted for the receiving partners for the applicable transfer from the drop-down list. Set the default capital account adjustment for receiving partners for new transfers in the Transfers of Capital Accounts dialog. To open the Transfers of Capital Accounts dialog, choose Setup > Transfers of Capital Accounts.

Transfer allocation by group box

Click this option to transfer all or a portion of the transferring partners' beginning capital for the applicable transfer. If you choose the Percentage option in the Transfer allocation type group box, UltraTax CS multiplies the percent you enter in the Transferring (%) column by the transferring partner's beginning capital balance. Enter beginning capital in the Capital account - beginning of year column in the Allocations window.

Click this option to transfer all or a portion of the transferring partners' ending capital for the applicable transfer. If you choose the Percentage option in the Transfer allocation type group box, UltraTax CS multiplies the percent you enter in the Transferring (%) column by the transferring partner's ending capital balance. Ending capital includes all transfers made prior to the current transfer.

Transfer allocation type group box

Click this option to use percentage as the allocation type for the applicable transfer. For each transferring partner, enter the percentage of the partner's beginning or ending capital that you want to transfer to the receiving partners. For each receiving partner, enter the percentage of the transferred amount that the partner received.

Notes

  • Ending capital includes all transfers made prior to the current transfer.
  • The total percentage of all receiving partners must equal 100 percent.

Click this option to use absolute dollar as the allocation type for the applicable transfer. For each transferring partner, enter the amount of the partner's capital that you want to transfer to the receiving partners. For each receiving partner, enter the amount received from the transferring partner.

Notes

  • Ending capital includes all transfers made prior to the current transfer.
  • The total amount of all receiving partners must equal the amount transferred.

Other fields & buttons

This column lists the names of all partners in the partnership.

This column lists each partner's beginning or ending capital prior to any transfers based on the selection in the Transfer allocation by group box. This column is for informational purposes only.

Enter the percentage or absolute dollar amount of the transferring and receiving partners for each transfer in these fields.

To add a new transfer of capital, 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.) Alternatively, click the Wizard Wizard button button to have UltraTax CS walk you through the data entry for the transfer of capital.

Notes

  • The total amount of all receiving partners must equal the amount transferred if the transfer is by absolute dollar. If the transfer is by percentage, the total percentage of all receiving partners must equal 100 percent.
  • You can specify multiple transferring partners and multiple receiving partners in a single transfer. However, a transferring partner cannot be a receiving partner in the same transfer. You can add additional transfers for the same date as needed.

Enter the fair market value of the transferring and receiving partners in these fields. These columns are available only if you select Property distributions in the Transferring or Receiving field in the Capital account adjustments group box.


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