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Form 1065-B Irvine California: What You Should Know

What is Schedule B? Form 1065, U.S. Return of Partnership Income. IRVINE, Calif. 92614. FOR EACH of the partnerships listed below and each partner in the above-noted partnerships: (1) each partner of the partnership must: (a) certify each partner's net income received from the partnership during the period beginning with the first day of the partnership's taxable year and ending with the end of the partnership's taxable year; and (b) itemize any itemized deductions (such as charitable contributions and student loan interest, expenses, etc.) that the partnership made on behalf of each partner during the partnership's taxable year. No later than the date of the partnership's return of partnership income for the taxable year, you and the partners agree to make the following adjustments to the partners' tax returns, if any, in order to report the partners' taxes on a timely basis under the partnership's return and in accordance with the partnership's rules: (1) Each partner shall itemize each itemized deduction that the partnership made on behalf of the partner during the partnership's taxable year. (2) Each partner shall not reduce any partnership itemized deductions, together with the partner's nonitemized deductions, to less than zero until it has paid the full amount thereof, but in no event may the partner reduce any partnership itemized deductions to more than 1,200 during any taxable year. (3) Each partner shall pay the partnership a refund of taxes it paid on the partner's taxes in excess of the amount specified in paragraph (1) in the same manner and within the time as provided by statute. (4) Each partner shall furnish the partnership a copy of its return or a certified accurate copy of the partnership's return, or any amendments to the return provided to the partnership, within 90 days after the date on which any return of partnership income is filed with it by the partnership, and the partnership must furnish the partner a copy of its return or a certified accurate copy of the partnership's return within 15 days after the date on which any such amendment is filed with the partnership.

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