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MAMARIL7
New Member

How come the Turbo Tax Business program does not calculate entry K-1, line 13, coded V section 743 (b) negative adjustment?

 
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1 Reply
PatriciaV
Employee Tax Expert

How come the Turbo Tax Business program does not calculate entry K-1, line 13, coded V section 743 (b) negative adjustment?

When you enter an amount for Schedule K Line 13(e) Code V, TurboTax will allocate the total to all partners according to their profit percentage unless you set up a special allocation code. The Section 743(b) income adjustment is not calculated by TurboTax. This adjustment is based on the details from the sale of a partnership interest.

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