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Liabilities used to calculate the partner's increase/decrease in share of partnership liabilities
The 1065 basis worksheet is calculated using only the basis rules. Therefore, for all partners, UltraTax CS uses the total of all liabilities on Schedule K-1, item K, regardless of type, to determine the net increase or decrease for the basis worksheet. This calculation follows the Partner's Instructions for Schedule K-1 (Form 1065), Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership, lines 3 and 8.
To force a different amount for prior-year and current-year nonrecourse, qualified nonrecourse, and recourse liabilities than UltraTax CS uses, use the
Share of partnership liabilities (Force)
fields on the Basis screen in the Partner Info, Basis
folder.note
UltraTax CS doesn't calculate the at-risk limitation (which would exclude certain types of liabilities), or the passive activity limitation, at the partnership level. These limitations are calculated at the partner level using Forms 6198 (at-risk limitation) and 8582 (passive activity limitation).