Entering change of ownership information (1065)

Alerts and notices

Use this procedure to enter change of ownership information.

  1. Choose View > Partner Information, and click the Changes of Ownership button.
  2. Click the Add Date Add Date button button (or press CTRL+A), enter the date on which the ownership changed, and click OK. (The date you enter must fall within the client's tax year.) UltraTax CS automatically adds a column for the date you entered and shows the percentage or unit from the previous column for each partner.

    Note: Mark the Enter end of year percentages option to add the End of Year column to the Changes of Ownership window. The End of Year column is used to enter a change of ownership as of the last minute of the last day of the client's tax year.

  3. In the column you just added, update the percentages or units for partners whose ownership has changed.


    • You can enter a partial portion of the ownership change and then click the Distribute Distribute button button to distribute the remaining percentage (100 percent less the current total for profit, loss, or ownership capital) to selected partners and indicate whether the remaining percentage should be distributed equally or pro rata.
    • If the changes of ownership grid is displayed by Type, click Loss or Ownership Capital in the Changes of Ownership list to enter or update the loss or ownership of capital percentage or unit for partners whose ownership has changed.
  4. Enter additional ownership changes, up to one change for each day of the client's tax year, as needed. If you enter additional ownership changes, UltraTax CS automatically updates the percentages or units in each date column according to the percentages or units in the previous date column.

To view the partners' calculated prorated percentages:

  1. Choose File > Print Reports in the Partnership Information window (View > Partnership Information).
  2. Click the Prorated percentage computation option.
  3. Click the Preview or Print button.

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