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Information entry for Schedule B-1

UltraTax CS automatically completes Schedule B-1 for partners whose combined direct and indirect profit, loss, or capital percentage is 50 percent or more at the end of the tax year. To determine this, UltraTax uses the greater of the profit, loss, or capital percentage from Schedule K-1 as the direct percentage. UltraTax then uses the percentage entered in
Indirect percent for maximum profit, loss, or capital
 in the
Partner Information
 screen,
Partner Data Entry
, then
Federal
 tab as the indirect percentage.
UltraTax categorizes partners based on their entity type:
  • Corporation, partnership, grantor trust, trust, exempt organization, and foreign government partners are listed Schedule B-1, Part I.
  • Individual and estate partners are listed on Schedule B-1, Part II.
note
Disregarded entity partners are automatically reported as individuals on Schedule B-1, Part II. If a disregarded entity partner is reported as a corporation, mark the
Report entity as corporation
 checkbox in the
Partner Information
 screen, Partner Data Entry, then
Federal
 tab.
UltraTax CS defaults to the country of organization or citizenship to the United States if
Country (if not US)
 is blank.
For partners who aren't covered in Partner Data Entry but still qualify and have at least 50% indirect ownership, you can enter their information in
Partners owning, directly or indirectly, 50% or more of the partnership
 in the
OthInfo
 screen. In case the
Country of Organization (if not US)
 or
Country of Citizenship (if not US)
 column is empty, UltraTax CS will automatically set the country to the United States.

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