In a nutshell, the teachings of "ultradispensationalism" holds to several distinctive tenets. Among these are:
1. The "body" church is to be distinguished from the Jewish church, that began in Acts 2. The "mystery" or "body" church is the church of today, and Paul is the Apostle whose writings are for this church. The rest of the Epistles are primarily to and for the Jewish church.
2. The Gospels and the book of Acts, at least prior to Paul, are all included in the age of Israel, under the law, and does not apply, to the church of today, basically, as the gospel preached there is a nationalistic kingdom gospel.
3. Acts is the transition between "law" and "grace" dispensations, and between the gospel of the kingdom, and the gospel of grace..
4. Water baptism and by some adherents, the Lord's Supper are not "church ordinances", to be practiced. Water baptism is usually held to be the sign to the Jewish church.
5. Israel is the Bride of Christ, not the church. The church is the Body of Christ.
This is not meant to be a complete list, by any means. But it does show some tenets of "ultradispensationalism".
One good page to view is this now dated page by the late H. A. Ironside, himself a strong dispensationalist, but not an "ultradispensationalist".
http://www.brethrenonline.org/books/ultrad.htm
Hope this helps a bit.
Ed