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1065 schedule b-2 instructions Form: What You Should Know
If you file a jointly filed return, both parties must file Schedule B-2 (Form 1065) Election Out of the Centralized Partnership Audit Regime. If you do not file Schedule B-2, your audit is limited to those partners in any partnership in which you have an ownership interest. If the partners in any partnership have any ownership or distributive interest in any other partnership, the audit rule does not apply. All partners who file Schedule B-3 will comply with the audit rule as long as the partnership in which you have an ownership interest is part of the partnership in which the partner was the partnership's only partner. All partners who file Schedule B-2 will comply with the audit rule as long as any partnership in which you have an ownership interest is part of the partnership in which the partner was the partner's only partner. If you want to reduce your audit exposure, see the instructions for Section B -Election Out under Real-Estate Mortgage Investment Conduits. If you have an interest in a qualified retirement plan, your partnership must use Schedule E to report all information about a partnership (and the partners who are not covered by the IRC Section 7872(b) rule) on Schedule B-2. See IRM 25.5.1, Partnership Election Under IRC Section 1065, For Additional Information If you file Schedule B-2 as a partner with a minimum of 100 partners, you will need to comply with all audit requirements for taxable years beginning after Jan. 1, 2018. The partnership's partner(s) will also need to comply with the audit rules for taxable years that begin after Dec. 31, 2018. If you are required to file Schedule B-2 based on ownership of at least 10 percent of a partnership, If less than 100 partners file Schedule B-2 (Form 1065) Election Out of the Centralized Partnership Audit Regime, you will be subject to these audit rules: If a partner with less than 10 percent of the partnership owns at least 10 percent of the partnership or if no partner owns at least 10 percent of the partnership or if the partner has less than 10 percent ownership of partnership, the partnership must follow all the audit rules (see IRC Section 481 or 482, paragraph (b) of IRC Section 471) For purposes of determining whether your partnership was a partnership prior to Dec.
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