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Multiple transfers of interest to all partners
You can enter several transfers from a single partner to all partners (as in several partners withdrawing and transferring their interest to the partnership) on the same day.
We recommend you choose other partners withdrawing on the same day as partners to be excluded from this transfer. This saves time by reducing the number of calculations the system must perform. If you don't list the receiving partners, the system assumes the transfer's to all partners.
If you don't exclude the other withdrawing partners, the system performs an intermediate step in which the first withdrawing partner transfers to all partners, including the subsequent withdrawing partners. The resulting amounts are the same, since subsequent withdrawing partners transfer all their interest to remaining partners anyway, but the extra transactions appear as contributions due to transfers on withdrawing partners and as larger withdrawals due to transfers to zero out their capital accounts. Excluding withdrawing partners prevents the extra transfer calculations and the contributions due to transfers on the K-1s.
If you have several partners transferring only a portion of their interest to all partners (no receiving partners are listed) on the same day, and you don't want the transferring partners on the same day to transfer to each other, you must mark the other partners transferring on the same day as partners excluded from this transfer. In this situation, if you don't exclude the other transferring partners, the subsequent transferring partners will receive interests from the previous transfers on the same day and the results will be incorrect.
This article applies to:
- Product: ONESOURCE Income Tax Express RS
- Return type: 1065 Partnership
- Subject: Partners