Two questions:
1. If my partnership has several underlying partnership investments, how do I specially allocate income by activity?
2. My underlying partnerships have liabilities, where do I enter underlying partnership liabilities?
Regarding question 1 - if you are wanting to allocate income per Partner/Member, that is done in the K1 worksheet - Special Allocations by Amount
Regarding your 2nd question. Enter recourse and nonrecourse liabilities on page 4-5 near bottom on smart liabilities worksheet
This creates an error or diagnostic because the liabilities don't equal whats on the Balance Sheet. Will Proseries allow me to efile with the error?
I would like to specially allocate each underlying K-1 income as different partners share differently in each investment. I would like to produce a specially allocated activity schedule for PAL purposes.
You can e=file with errors by disabling error check when you efile, but you should not have errors or have out of balance books
