Our Videos

FAQ / Question: What is the maximum percentage interest in the partnership that Partnership P should report on its 2008 Form 1065, Schedule B question 3b for individual partners A, B, and C under the follow


Partnership P determines at the end of tax year 2008 that for 2008:
Partner A owns a 60 percent interest in profits, a 20 percent interest in loss, and a 50 percent interest in capital.
Partner B owns a 20 percent interest in profits, a 60 percent interest in loss, and a 30 percent interest in capital.
Partner C owns a 20 percent interest in profits, a 20 percent interest in loss, and a 20 percent interest in capital.
Partner C is the sister of partner A.

A3: For 2008, the maximum percentage directly owned by partner A is 60 percent (the maximum of 60, 20, and 50), the maximum percentage directly owned by partner B is 60 percent (the maximum of 20, 60, and 30), and the maximum percentage owned direct by partner C is 20 percent (the maximum of 20, 20, and 20).

In answering question 3b, partnership P reports for 2008 that partners A and C each own, directly or indirectly, 80 percent of the partnership’s profit, loss, or capital.
Partner A owns, directly, 60 percent and owns, indirectly, by family attribution, 20 percent of the profit, loss, or capital of the partnership.
Partner C owns, directly, 20 percent and owns, indirectly, by family attribution, 60 percent of the profit, loss, or capital of the partnership.

Partnership P reports for 2008 that partner B own, directly or indirectly, 60 percent of the partnership in response to question 3a.
Partner B owns, directly, 60% of the profit, loss, or capital of partnership P.

 




Testimonials

AnnaMaria Realbuto
Thank you for all your assistance and efficiency...
Read More »
Kateryna Melnychenko
Thanks a lot Anton!...
Read More »
Rani Payne
Thank you so much! I’m sure I will be in touch again with something else that will need to be apost...
Read More »
Serge Bauer Law
Thank you again for your help with this case!...
Read More »



FAQ

You said the ID card will be electronically readable. What does that mean?
Read More »
Can I use the marriage license in another state?

Read More »
I am US Citizen born abroad, can I get a Birth Certificate?
Read More »
How can I get a free copy of my credit report?
Read More »






News

December 5, 23
Taxpayer Beats IRS in Landmark Case on foreign bank reporting for dual residents
Read More »
December 4, 23
MO woman spends 5 years trying to get her nameless grandson a name and a birth certificate
Read More »
November 30, 23
New York enacts clean slate legislation for old criminal records
Read More »
November 29, 23
Russian soldier forges death certificate to dodge Ukraine War
Read More »