Go to the K-1 Attachment (K-1 ATT 3- this form is in both packages), page 3, underline 23h of the form. There is a worksheet here to calculate the basis. You will need to answer the question, "Compute partner's interest?" (1065) or "Compute shareholder's basis?" (1120 S) and complete any lines on the worksheet that are not calculated. The worksheet will then compute the basis.
This information applies to all years of the UltimateTax software.