Form 1065-B, U.S. Return of Income for Electing Large Partnerships
Form 1065-B is an information return used to report the income, gains, losses, deductions, etc., from the operation of an electing large partnership (as defined in section 775). An electing large partnership (ELP) may be required to pay certain taxes, such as recapture of the investment credit under section 50, but generally it “passes through” any profits or losses to its partners. Partners must include these ELP items on their income tax returns.
A regular partnership is required to separately report to each partner the partner's distributive share of any item of income, gain, loss, deduction, or credit that if separately taken into account by any partner would result in an income tax liability for that partner different from that which would result if the item was not taken into account separately. Unlike a regular partnership, an ELP combines most items at the partnership level and passes through net amounts to partners. These ELP rules override the regular partnership tax rules to the extent they are inconsistent with the regular partnership tax rules.
Other Items You May Find Useful:
Schedule K-1 (Form 1065-B), Partner's Share of Income (Loss) From an Electing Large Partnership
Partner's Instructions for Schedule K-1 (Form 1065-B) (HTML)
Form 1065X, Amended Return or Administrative Adjustment Request (AAR)
Form 1125-A, Cost of Goods Sold
Form 8453-B, U.S. Electing Large Partnership Declaration for an IRS e-file Return
Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns
Form 8879-B, IRS e-file Signature Authorization for Form 1065-B
Comments on Form 1065-B
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