Partner's Basis Worksheet - Combine K1s received from the same partnership into one Partner's Basis Worksheet

UltraTax CS creates a combined basis worksheet for all K1 units with the same employer identification number (EIN). By default, the K1 unit with the lowest unit number is considered the main unit for combining the basis worksheets. You can specify a different main K1 unit by entering
X
in the
Main K1 unit for combining basis worksheet
field in the K1 screen.
Per Revenue Ruling 84-53, a partner holding more than one interest in a partnership has a single, aggregated adjusted basis in those interests. This rule applies regardless of whether the partner holds a general interest, a limited interest or any combination of general and limited interest. Therefore, UltraTax CS/1120 combines 2 or more 1065 Schedule K-1s from the same partnership into 1 Partner’s Basis Worksheet.
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