Activity based reporting worksheets available FAQ (1065)

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Question

What activity based reporting worksheets are available in UltraTax/1065?

Answer

UltraTax/1065 includes the following worksheets to satisfy the passive activity reporting requirements for net income (loss), credits, and all items required to be separately stated.

These worksheets are required according to the Form 1065 instructions, Page 15 which state, “If the partnership carries on more than one activity, provide an attached statement for each activity conducted through the partnership that identifies the type of activity conducted … On the attached statement for each activity, provide a statement, using the same box numbers as shown on Schedule K-1, detailing the net income (loss), credits, and all items required to be separately stated…”.

Related topic: Activity based reporting FAQs

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