UltraTax CS

1120-US: Partner's Basis Worksheets FAQs

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The following includes answers to common questions about processing Partner's Basis Worksheets.

How does the Partner's Basis Worksheet calculate the basis limitation on the deductibility of a partner's share of partnership losses?

What losses and deductions are included in the basis limitation of the partner's share of partnership losses?

Why doesn’t the AMT depreciation adjustment from the K-1 pass-through transfer to Form 1120-S, Schedule K, line 15a?

Why does UltraTax CS/1120 combine Schedule K-1s received from the same partnership into one Partner's Basis Worksheet?

How is partner basis information shared from 1065 clients to 1120 clients?

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