In the partnership return of income (Form 1065), Schedule B-1 is used to report certain information about partners that own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership.
This form is required if either of these two questions in Schedule B (Form 1065) are answered Yes:
- Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization, or any foreign government own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership?
- Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership?
In the partnership return in TaxSlayer Pro, these questions are here:
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Schedule B
- Any foreign or domestic corporation, etc. own 50% interest?
- Any individual or estate own interest of 50% or more?
If either question is answered Yes, enter the required information about the partner.
Additional Information: