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Allocation

Allocate amounts to partners

UltraTax CS automatically allocates most amounts for federal partner forms, schedules, and worksheets using the profit-sharing percentages. UltraTax CS automatically allocates most amounts for state partner forms, schedules, and worksheets as follows.
  • For state amounts that don’t have a direct correlation to a federal amount, UltraTax CS allocates the state amount using the profit-sharing percentages.
  • For state amounts that have a direct correlation to a federal amount, UltraTax CS allocates amounts to partners based on the selection of the Default state partner special allocations to the corresponding federal special allocation field in the
    CltOptns
     screen.
  • If the
    Default state partner special allocations to the corresponding federal special allocation
     field isn't selected, then UltraTax CS allocates most amounts using the profit-sharing percentages.
  • If the
    Default state partner special allocations to the corresponding federal special allocation
     field is selected, then UltraTax CS uses the correlating federal allocation to allocate the state amount. In the state input screens, the
    Ptr Alloc
     button will automatically display in red, indicating the amount is being allocated other than by the profit-sharing percentages.
    note
    To select the
    Default state partner special allocations to the corresponding federal special allocation
     field 1 time for all new clients, select
    Default state partner allocations to federal allocated amounts (Screen CltOptns)
     in the Return Presentation tab in the
    New Client Options
     window. To open this window, select
    Setup
    ,
    1065 Partnership
    , then
    New Client Options
    .
Use
Ptr Alloc
 in the 1065 input screens to allocate an amount to the partners using a method other than the default method being used.
note
  • You can select
    Ptr Alloc
     for an item to view the amounts UltraTax CS automatically allocated to the partners.
  • To enter the profit-sharing percentages, select
    View
    ,
    Partner Information
    , then
    Allocations
    .
  • If there's a change of ownership during the tax year, UltraTax CS defaults to using the calculated prorated sharing percentages. To calculate the partners' distributive share amounts based on the sharing percentage for each ownership period, annualize the partnership's share of current-year income, deductions, credits, and other items in
    View
    , then
    Interim Closing Annualization
    .

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