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Calculate end-of-year capital percentage on Schedule K-1, item J when percentage based on ending capital
If you select
Compute partner end-of-year ownership percentage based on ending capital
in the K1Misc screen in the Partner Info, Basis
folder, UltraTax CS calculates the end-of-year capital percentage on Schedule K-1, item J as follows:- If all partners' ending capital balances are greater than or equal to zero, UltraTax CS calculates the capital percentage for each partner by dividing each partner's share of ending capital by the sum of ending capital for all partners.
- If any partner's ending capital is less than zero, UltraTax CS calculates the capital percentage for each partner based on whether the partner's ending capital is greater than or less than zero.
- For any partner whose ending capital is less than or equal to zero, UltraTax CS calculates the capital percentage as 0.000000%.
- For any partner whose ending capital is greater than zero, UltraTax CS calculates the capital percentage by dividing the partner's share of ending capital by the sum of ending capital for all partners whose ending capital is greater than zero.