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1065-b schedule k-1 Form: What You Should Know

The partner's instructions for Schedule K-1 must include the following information: (1) The date on which one or more partners materially participated in each trade or business activity. If the partner's instructions for schedule K-1 do not state one of the facts that is required, that fact must be provided by other information provided on Schedule K-1. (2) The partnership's name, address, and office address of persons involved in such activities. (3) The nature of each partner's participation in the activities and the basis of the partnership's income from such activities at such time. For example, if one partner owned 20% of the partnership and had a basis for income from each activity 20,000, the amount of partnership income that is attributable, as of the date the partner received the partnership's distributive shares of the partner's share of the partner's sales proceeds, to that partner's participation, rather than to its ownership of the partnership, is limited by paragraph (a) of this section. (4) For each partner, the partner's income at the partnership's transfer date. (5) Any material change since the partner's last completed (not completed before) income tax return that affects income for the partner. If a material change, such as a sale or transfer of the partnership's interest in or ownership of an asset, occurred for which you filed a previous return, you must file a new return. (6) If there is no partner who materially participated in a trade or business activity between the partner's last complete tax return (including the date a partnership tax return was filed) and the time of the partnership's income tax return, then you must determine whether the activity was a sale. You may be able to rely on the fact, recognized by your own accounting methods, that any income is an unrealized capital gain. (7) The partner's basis in the partnership's interest in or ownership of the partnership immediately before the partnership's transfer date. If you have no basis on the partnership's interest in or ownership of the partnership at the partnership's transfer date, then you must obtain a letter ruling on the basis question of whether you materially participated, and the IRS will provide an opinion to you regarding whether you materially participated in any trade or business activity.

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