Publicly traded partnerships (PTPs) (1120)

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