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

Where are partner liabilities reported?

Answer

UltraTax CS reports a partner's liabilities in two places: Schedule K-1 and the Partner's Basis Worksheet.

• Schedule K-1 - UltraTax CS sums the at-risk and not at-risk liabilities for each nonrecourse, qualified nonrecourse, and recourse liability for Schedule K-1, item K. If any not at-risk liabilities exist, a statement showing the breakdown of all liabilities will print for each partner on Schedule K-1, box 20, code AH - Other information. Use the Include at risk / not at risk liability detail on Schke K-1, box 20, Other information field in Screen K1Misc in the Partner Info, Basis folder to modify the print condition of this statement.
• Partner's Basis Worksheet - UltraTax CS uses the difference between the total of all liabilities on the prior and current year's Schedule K-1, item K to determine the net increase or decrease for the basis worksheet. The prior year value of a new or converted client cannot be determined; therefore, the partner's share of liabilities increase (decrease) may be incorrect. Use the Share of partnership liabilities (Force) fields in Screen Basis in the Partner Info, Basis folder to force a different amount for prior-year and current-year nonrecourse, qualified nonrecourse, and recourse liabilities.

Was this article helpful?

Yes No

Submit