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Schedule K-3 when an S Corporation makes a Section 1377 election
If a shareholder terminates their interest in the S Corporation, the corporation can make a Section 1377 election to allocate the corporation's income, expenses, etc., as if the tax year consisted of 2 separate tax years, the 1st of which ends on the date of the shareholder's termination.
Due to the volume and complexity of the Schedule K-2, UltraTax CS doesn't support a Section 1377 calculation for Schedule K-3. Instead, UltraTax CS uses the shareholder's weighted average ownership percentage to allocate the amounts from Schedule K-2 to Schedule K-3.