Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Allocation

Enter special allocations

UltraTax CS automatically assigns the profit-sharing percentage allocation to most amounts of a partnership. The loss sharing percentage allocation is used for qualified non-recourse liabilities and recourse liabilities. Use these procedures to specially allocate partnership amounts to the partners in a manner that differs from the default allocation method. When you specially allocate an amount, UltraTax CS allocates the amount to the partners according to the allocation scheme you define for that amount. The resulting allocated amounts transfer to the partners' Schedules K-1.
You can enter special allocations on a field-by-field basis using the Special Allocation of window accessible from the input screens, or you can enter all special allocations in the Allocations window in Partner Data Entry.

Enter special allocations for a field in the Special Allocation of window

  1. Enter the total amount to be allocated in the amount field of the partnership amount you want to allocate.
  2. Select
    Ptr Alloc
     to open the Special Allocation of window.
  3. In the Allocation scheme group box, mark the
    Specially allocate
     checkbox.
  4. Select the following options:
    • Select
      U.S.: <allocation name>
       to default a state allocation to a federal allocated amount.
    • Select
      Percentage
       to use a single percentage column.
    • Select
      Units
       to use a single unit column.
    • Select
      Absolute dollar
       to use a single absolute dollar column.
    • Select
      Loss
       to use the Loss column in Partner Data Entry.
    • Select
      Advanced
       to use multiple allocation scheme methods. Then, proceed to
      define the advanced allocation scheme
      .
  5. Enter each partner's allocated percentage, amount, or unit in the allocation grid.
  6. Select
    OK
     to save the allocation information and to close the Special Allocation of window.
  7. Repeat steps 1–6 for each partnership amount you want to specially allocate to the partners.

Related content

Related content

Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close