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Form 1065-B College Station Texas: What You Should Know
Compensation in the gross income of the partnership. However, Schedule K, line 19 (including any adjustments for excess compensation) and the related Schedule K-1, items 9 through 14, should be excluded from Gross Income. Compensation you received from a partnership for services as a partner but report, with your partner's Form 1065, on Schedule K, line 13d or on a Partner's Deduction, line 10a are not considered to be benefits provided by the partnership and are not deductible as a partnership expense on Part I of Schedule K (Form 1065) or Schedule K-1 (Partnership Deductions) Your Partner's Business Profits and Partnership Losses — Partners should report on Schedule K, line 18, the amount of income or loss, for each partnership taxable year, of their Partnership Income (for partnerships that do not report their Partnership Income on their Schedule K, line 13d, or on their Partner's Deduction, line 10a), and the amount of their Partnership Losses. Both types of Partnership Losses should be reported on Table 1 of Schedule K, Item 20a (Partnership Income or Loss and Partnership Loss), and both types should be reported on Table 2 of Schedule K, Item 20b (Partnership Losses) and on Schedule K-1, line 13d or on their Partner's Deduction, line 10a. Schedule K, items 9 through 14, must be treated as part of the Partner's partnership income or loss, as discussed on Schedule K, lines 13c (losses incurred by the partnership); 13f (losses sustained by an entity not a partnership); and 15 (other income or loss). Partners should also include their partnership income on Schedule K, item 20a, (Partnership Income) and on the Partner's Deduction, line 10a. The partners' partnership income should be added to the partnership's other income in order to properly reduce their liability for Self Tax Liability (subpart F) under the Partnership Act or any federal income tax liability on the part of the federal income tax liability on self-employment income. Other Expenses of Partnerships — Schedule K-1 must be included for partnership expenses other than those related to any taxable distribution from a partnership.
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