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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Reporting IRC Section 1061 Gains in ProSeries
Reporting IRC Section 1061 Gains in ProSeries
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Taxes-by-Rocky
Level 7
07-12-2022
03:29 PM
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Anyone know if ProSeries will adjust Schedule D, Form 8949 (with "Section 1061 Adjustment" statement), and, more importantly, the ProSeries K-1 Worksheet to accommodate (provide for) the reporting of short-term capital gains on API's under IRC Section 1061?
If so, please consider that some states don't recognize IRC Section 1061 (i.e., they must be 'unadjusted' to reflect the long-term gain on some state returns). Thanks.
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