Who prepares Form 990-T?

[ldr]

Two questions:

Are TPAs preparing Form 990-T for the retirement plans of their clients, or are they deferring to the client's CPA?  and

If a K-1 (1065) has an attachment for Part III, Item 20 (Other Information), letter 'V" (UBTI), does the figure on the attachment reflect the net UBTI or the gross UBTI?  

Thank you in advance for any assistance!

[ldr]

My guess is that nobody on here knows, or nobody on here cares to risk making an error in giving an answer.  So-

I handed the ball off to someone else.  I told the client that I believe that he owes tax on UBTI, provided him with what information I could, and sent him off to see his CPA or to find one familiar with such matters.  

[Doghouse]

And that has pretty much been my approach!

[ldr]

His CPA kindly called to discuss this and admitted that he doesn't know anything about it either.  He is questioning whether the preparer of the K-1 has any basis for issuing a statement with the K-1 announcing that the plan is subject to UBTI.  He says the preparer of the K-1s for the limited partnership investments has no way of knowing whether or not the plan is subject to the tax.  He is also of the opinion that as long as the client doesn't have to (yet) answer the new question on the 5500 form about UBTI, then he is taking the position that they don't have to report it and that it needs to be reviewed next year.  It's out of my hands, whether he's right or he's wrong.