15154: 1065 - EF Message 1352

EF Message 1352: 

MISSING ANSWER: No answer has been provided on Schedule K-1, Item

M, "Did the partner contribute property with a built-in gain or loss?"

To answer the question globally for all partners, open screen PRNT
(available from the "General" tab of the Data Entry Menu) and mark the
appropriate box in the "Item M on Schedule K-1" section.

To answer the question for individual partners, select the
appropriate box on the partner's K1 screen.

If the answer to the question in Item M is "Yes," a statement is
required. To produce the same statement for all partners:
1. Open screen K1G (available from the "General" tab of the Data
Entry Menu).
2. From the "Select Type" drop list, select "K1M."

To produce a statement for an individual partner:
1. Open that partner's K1 screen.
2. Click the "8805/Item M" tab at the top of the screen.
3. In the text box in the lower half of the screen, provide an
explanation.

To clear this message, the question "Did the partner contribute property with a built-in gain or loss" would need to be answered for each partner. This can be done for each partner individually, or answered for all partners on the return at once.

Individually- 

From the General tab in data entry, open the K1 - Schedule K-1 Partner Information screen for each partner. In the Analysis of Capital Account section, answer question M. Repeat on each additional K1 screen.

All partners-  

If all partners will have the same answer to question M of the K-1, go to the Miscellaneous tab> PRNT - Print Options screen. In the upper-right of this screen, answer this question. This will indicate the same answer on all K-1s in the view mode of the return.

For more information about property with built-in gains, see Form 1065 Instructions.