Our Videos

FAQ / What is the percentage interest in the partnership that should be reported on Form 1065 Schedule B question 3a and 3b under the following facts?


Corporation X owns 1 percent of the profit, loss, and capital of partnership A. The remaining 99 percent is owned by trust T. Jane owns 50 percent of the beneficial interest in trust T. Bill, her brother owns the other 50% of trust T.

A10: Report Trust T as owning, directly or indirectly, 99 percent of the partnership in response to question 3a.

Report Jane and Bill as each owning, directly or indirectly, 99 percent of the partnership in response to question 3b. Jane and Bill each own, indirectly through attribution from Trust T, 49.5 percent of Partnership Aís profit, loss, and capital. This is computed by multiplying Trust Tís 99 percent direct ownership in P by the 50 percent in Trust T owned by Jane and owned by Bill. In addition, Jane and Bill, as brother and sister, each own an additional 49.5 percent indirectly by family attribution from the other.

Keywords: corporation,
 




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! Iím 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

Do I need a permit or license for my business?
Read More »
Since when does the Wassenaar Arrangement exist?
Read More »
Is there a waiting period? Can we get married right away?
Read More »
If a student was not in an authorized period of OPT on the eligibility date, can the student work during the cap gap extension?
Read More »






News

April 11, 23
Fleetwood Mac keyboardist and vocalist Christine McVie died of stroke and cancer-death certificate
Read More »
March 27, 23
China joins Apostille Convention
Read More »
March 18, 23
California to permanently seal old convictions on criminal records
Read More »
March 3, 23
Saudi Arabia issues guidance on apostille procedure
Read More »