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Partner transfer of interest
The following transfers can be entered:
- From 1 partner to 1 or more other partners.
- From all partners to 1 or more other partners. In this scenario, when 1 partner buys into the partnership, leave the transferring partner field blank. The system assumes each existing partner transfers that portion of their interest specified in the receiving partner's ratio column to the entering partner(s).
- 1 partner to all other partners. In this scenario, the system assumes the transfer's prorated based on the receiving partners' beginning ratios. Therefore, the receiving partners must have beginning ratios entered in the partner information area or have received interests from prior transfers. If none of the receiving partners have ratios before this date, the transfer doesn't occur.
- From 1 partner or all partners to other partners, excluding specific partner(s).
To enter a transfer of interest:
- Before entering a transfer, you must first deactivate Auto Compute, which can be found in theComputemenu.
- Go toOrganizer,Partner Information,Transfer of Interest, and thenTransfers.
- SelectAdd new Transfer Date.
- Enter the date of the transfer using MM/DD/YYYY format, and thenSave.
- Enter the partner number of the transferring partner. If transferring from all partners you must leave the transferring partner number blank. You may exclude one or more partners from being a transferring partner.noteTo omit the partner from next year's list of partners, selectWithdrawing from Partnership.
- Select the option, if applicable, to indicate the transferring partner's withdrawing from the partnership.
- Enter the partner number(s) of the receiving partner(s). If transferring to all partners you must leave this blank. You may exclude one or several partners from being a receiving partner.
- Enter the percentage of the transferring partner's interest transferred in ratio format. For example, if the partner's withdrawing from the partnership, enter 1.0, if they're transferring half of their interest, enter .50.noteIn order for a transfer of interest to calculate correctly, you must have entered beginning ratios for the transferring partner in the partner information folder or the transferring partner must have received an interest from a prior transfer. InAllocation Options,Effectivemust be selected in order for transfers to compute correctly.
- When done, perform a full recompute.
This article applies to:
- Product: GoSystem Tax RS
- Return type: 1065 Partnership
- Subject: Partners