New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
Question
What items are automatically allocated using the loss sharing percentages?
Answer
By default, UltraTax CS uses the loss sharing percentages to allocate amounts for the following items for Schedule K-1 and other partner forms and worksheets.
- Qualified nonrecourse liabilities
- Recourse liabilities
Related topic: Allocating partnership items to partners FAQs (1065)
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