Unrelated Business Taxable Income (also abbreviated to UBTI) is an alternate set of rules for tax exempt investors who invest in partnerships. So those entries would be relevant if you held this investment in an IRA, or are filing taxes for a charity, but probably not otherwise. Here's a link to the IRS UBTI page: https://www.irs.gov/charities-non-profits/unrelated-business-income-tax
If this doesn't affect you, then you have no need to enter this into TT at all.
"Gross Receipts" is vague, but aside from UBTI I'm not aware of another situation where the average individual would need to enter or care about "Gross Receipts". But I'm also far from an expert on all aspects of partnership taxation, so if there's anything complicated about your return / situation you may want to consult a tax preparer to see if you need to account for this. But similar to UBTI, entering '31' into the K-1 interview isn't necessary and won't do anything. You'd have to find out if you need to use the number, and where, first.
**Say "Thanks" by clicking the thumb icon in a post
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
