1065 Taxe Form

Royal R. Schnell on

On page 2 of the 1065 report, schedule B, Other Information,
Question 3b, it is marked Yes. Not any of our members own
50% or more in the profit, loss, or capital of the
partnership.
Page 6, Schedule B-1, Part ll, It lists four of our members
each owning 72.5% of maximum, profit, loss, or capital.
This is wrong. Is this because on your Tax information
program I followed, I listed these four are related to each
other?
How do I correct this?

iras1 on

You don't correct it because it is correct as is. If you read the instructions, you are asked to determine the constructive ownership of each member. Constructive ownership includes the percentage each member owns directly plus the percentage each member could control through certain familial relationships.

Ira Smilovitz

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In a message dated 02/12/10 10:25:19 Eastern Standard Time, royals@bivio.com writes:

On page 2 of the 1065 report, schedule B, Other Information,
Question 3b, it is marked Yes. Not any of our members own
50% or more in the profit, loss, or capital of the
partnership.
Page 6, Schedule B-1, Part ll, It lists four of our members
each owning 72.5% of maximum, profit, loss, or capital.
This is wrong. Is this because on your Tax information
program I followed, I listed these four are related to each
other?
How do I correct this?

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