In which situation would a partnership be required to complete schedules L, M-1,

Question

In which situation would a partnership be required to complete schedules L, M-1, and M-2 on page 5 of form 1065? (1) The partnership’s tax receipt for the year were $100,000. (2) The partnership’s tax receipts for the year for $200,000. (3) The partnership’s assets at the end of the year were $500,000. (4) The partnership’s assets at the end of the year were $1,050,000. In which situation would a partnership be required to complete schedules L, M-1, and M-2 on page 5 of form 1065? (1) The partnership’s tax receipt for the year were $100,000. (2) The partnership’s tax receipts for the year for $200,000. (3) The partnership’s assets at the end of the year were $500,000. (4) The partnership’s assets at the end of the year were $1,050,000. (1) The partnership’s tax receipt for the year were $100,000. (2) The partnership’s tax receipts for the year for $200,000. (3) The partnership’s assets at the end of the year were $500,000. (4) The partnership’s assets at the end of the year were $1,050,000.

Explanation / Answer

In which situation would a partnership be required to complete schedules L, M-1, and M-2 on page 5 of form 1065?

(4) The partnership’s assets at the end of the year were $1,050,000.

Explanation:

If the partnership satisfies all four of the following conditions, Schedules L, M-1, and M-2 are not required:

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---