Partner's Schedule K-1 and Form 8990

UltraTax CS always reports gross receipts on Schedule K-1, line 20AG.
If the interest expense is from an exempt Partnership, adjusted taxable income and business interest income for business interest expense won't be reported on Schedule K-1, Other Information. Based on Regulation 1.163(j)-6(m), the interest expense from an exempt Partnership isn't subject to further limitation under Section 163(j). The partner's share of the Partnership's business interest expense, adjusted taxable income, and business interest income is no longer included on the Form 8990 filed by the partner.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close