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

John Beacleay

Just wanted to say thanks again for all your help Anton. I mean it's really amazing to me that yo...
Read More »
Niranjan Sujay
I recently used LOGOS INTERNATIONAL for the translation of my bachelor’s certificate, and I couldn’t...
Read More »
Katia Nagata

As a foreigner, I needed a certified translation, so I called the DOE to give me a list of the ce...
Read More »
AnnaMaria Realbuto
Thank you for all your assistance and efficiency...
Read More »




FAQ

I had a call requesting a photocopy of my journal entry. Do I have to comply?
Read More »
Is it possible to obtain No Record of Marriage in Texas?
Read More »
May a notary give legal advice or prepare legal documents?
Read More »
What is a certified copy of a corporate document?
Read More »






News

September 3, 25
US Congress considers legislation to expedite VA death certificates
Read More »
August 27, 25
NYC apartment building residents angry at “aggressive” squatter with criminal record
Read More »
August 22, 25
UK man issued 2 death certificates to allegedly cover up hospital’s negligence – report
Read More »
August 18, 25
Same-sex marriage certificates under question after court case requests overturn of 2015 legalization of same-sex marriage nationwide
Read More »