Schedule m-1 1065 Form 2023-2024

Schedule m-1 1065 Form: What You Should Know

The following examples demonstrate: Example 1.  Two partnerships with identical income are the same size. One partner invests in real estate. The other partner owns investments in real estate. Both make the same investment in real estate, but the investment for the small partnership is 200,000 and investment for the large partnership is 350,000. The two partnership records indicate the two partners are the same size, despite being engaged in different types of businesses. Example 2.  On the Form 1065-1, the partnership owns property only, and records all property expenses to the same extent. The book-year cost is zero. However, the book-year basis of the inventory is 200,000, and the depreciation expense on inventory is 9,000. The tax basis on inventory is 9,000, which is not capitalized. Therefore, the book-year capitalization cost of inventory is -6,000 and the book-year cost for interest/deductions/gains is 4,000.  What does the book income of the small partnership look like? The small partnership records 5,250 of net income for this year. Total assets are less than 450,000, therefore the book-year cost on property is 3,000 (less depreciation) and 6,000 for interest and other deductions/gains. Therefore, the book-year book income is a total of 3,750. The total book-year book income for the year is 6,250. Example 3. On the Form 1065-1 for the 300,000 business, the partnership record book income of 5,000 on the books. This does not include taxes received from the IRS. The total expenses are 6,000 less 500 in income. This means the small partnership has a business income of 5,000 and a net income of 5,000 and 3,000 in interest. The total business book income for the year is 13,375. Example 4.  Same as Example 3, with no tax credits for the LLC. This was the type of work done on behalf of the owners.

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