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For users of UltraTax/1065: Use the following procedure to identify which partnership assets have depreciation to be specially allocated among the partners. These allocation groups are then automatically available for use in the Partnership Allocation Spreadsheet in UltraTax/1065.
- Open the partnership client.
- In the Asset List window, choose the appropriate business activity folder.
- Choose Setup > 1065 Allocation. This opens the Partnership Allocation dialog where you may select the existing Individually Allocated group or create a new group.
Notes
- Each asset included in the Individually Allocated group is listed separately in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the asset's description.
- All of the assets selected for a user-defined allocation group are included together as a single item in the UltraTax/1065 Partnership Allocation Spreadsheet, along with the first 16 characters of the allocation group description.
- Assets for which the Tracking partner's outside basis (1065 only) checkbox is marked on the Other tab should be allocated together.
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Do one of the following.
Create a new partnership allocation group
Modify setup information for an existing partnership allocation group
- Click Done to return to the Asset List window.
The next time you open the Partnership Allocation Spreadsheet, you can use the new columns that are available to make allocations to the various partners. For more information about entering partnership allocations in UltraTax/1065, search the UltraTax CS help for "UltraTax/1065 procedures."
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