Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Processing

Data entry for a Section 751 sale

Complete the following data entry to enter a Section 751 sale of partnership interest. This information will report on Form 1065, Page 5, Line 20c. UltraTax CS will also report the partner's share of gain or loss on their Schedule K-1, line 20, codes AB, AC, and/or AD.
  1. In UltraTax CS, go to the
    Schedule K
     folder.
  2. Select the
    8308
     screen. Add a separate unit of this screen for each reportable sale or exchange of partnership interest.
  3. Enter information for transferor and transferee. A transferee partner must be indicated by allocating 100% to the partner.
  4. Use the
    Partner’s Share of Sections 751(a), 1(h)(5) and (6)
     section to enter information about Section 751(a) gain (loss), Section 1(h)(5) collectible gain and Section 1(h)(6) unrecaptured section 1250. All gain and loss amounts must be 100% allocated to the transferor partner.
  5. For amounts received from a pass-through entity, go to the K1 1065, 1041 folder and enter the amounts on the K1-6 screen.
  6. UltraTax reports these amounts on Form 1065, Page 5, Line 20c, and Schedule K-1, line 20, boxes AB, AC and AD, respectively

This article applies to:

  • Product: UltraTax CS
  • Return type: 1065 Partnership
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close