ProSystem fx ® Tax – Partnership Simplify Your Allocation Work The Functionality You Need to Handle All Your Allocation Work ProSystem fx Tax simplifies your allocation work, by providing you with the ability to allocate: z All income, deduction and other Schedule K-1 items according to your specified amounts, percentages or units. z Liabilities based on end-of-year percentages. z Excess basis adjustments under IRC Section 754 from depreciation detail. z Income, deductions and tax preference items on an activity-by-activity basis. Our powerful 1065 module also provides: z The ability to prepare schedule K-1 multiple activity statements for each partner. z Import and export of oil & gas/depletion data to/from Microsoft ® Excel ® spreadsheets for Partnership returns. z Consolidation of federal partnership data from other partnership tax returns prepared in ProSystem fx Tax to a single partnership return. z Michigan Business Tax Unitary Business Group Combined Filing Schedule for Standard Members automated to gather data from member returns prepared in ProSystem fx Tax. z Batch filing of extensions for federal and state returns. z Flexible partner letters, instructions and labels — you can even include customized letterhead. z Extensive calculations for foreign partners and foreign partnerships. z Efficient output of Partner K-1 Packages to a combined PDF or to individual PDF files. z Federal partner basis worksheets to track the partners’ outside basis in the partnership. z Activity-level partner basis schedules. z Export of Schedule K-1 data and pass-through data to Microsoft ® Excel ® . z Ability to override Federal/State Schedule K-1s. z Alternative Minimum Tax versions of Schedule D, Form 4797, Form 4952 and Form 6252. z Imports and exports of partner K-1 data directly to Individual and all business returns. z Form by form integration with the U.S. Master Tax Guide ® and CCH ® Tax Prep Partner Series ™ . z Efficient supporting statements for every Schedule M-3 line. z Schedule K-1 summary statement for foreign transactions. z The ability to change recourse debt to nonrecourse debt for LLP/LLC managing partners/members. z Alternative Minimum Tax Partner Basis Worksheets. z Texas Franchise Tax Combined Reports automated to gather data from affiliate returns prepared in ProSystem fx Tax. z The ability to export multiple activities to the Fiduciary return via the K-1 export. z Prepare Form 926, Return by a U.S. Transferor of Property to a Foreign Corporation. z An option to suppress K-1 calculations for Federal and States. z Form 8865, which you can prepare as a standalone form using existing 1065 calculations and allocations, or as part of a 1065 return. z The ability to attach Form 8865 information into 1040, 1120, 1120S, 1065 and 990 return. The ProSystem fx ® Tax – Partnership module provides extensive allocation capabilities to maximize your flexibility and control. Powerful state features and K-1 options save time, so your staff can be more productive.