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Question

What activity based reporting worksheets are available in UltraTax CS/1065?

Answer

UltraTax CS/1065 includes the following worksheets to satisfy the passive activity reporting requirements for net income (loss), credits, and all items required to be separately stated.

• Schedule K Activity Worksheet
• Section 199A Information Worksheet
• Section 179 Sales Worksheet
• Section 179 Like-Kind Exchanges Worksheet
• Partner’s Schedule K-1 Activity Worksheet
• Partner's Section 199A Information Worksheet
• Partner's Section 199 Sales Worksheet
• Partner's Section 199 Like-Kind Exchanges Worksheet

These worksheets are required according to the Form 1065 instructions, Page 16 which state, “If the partnership carries on more than one activity, provide an attached statement for each activity conducted through the partnership that identifies the type of activity conducted … On the attached statement for each activity, provide a statement, using the same box numbers as shown on Schedule K-1, detailing the net income (loss), credits, and all items required to be separately stated…”.

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