1065 Top Partnership Case Study Facts (CASTPM)

Printable Top Partnership Case Study Facts

Taylor, Olson, and Penn are general partners in TOP Partnership, which files its Form 1065 at the Ogden, Utah IRS Center. All partners actively participate. Olson is the Tax Matters Partner. The partnership agreement states that all items are allocated among the partners according to their effective ratios except for capital contributions which are specially allocated to the partners. Two changes in ownership and one cash distribution occurred during the year. TOP received a K-1 from another partnership, Amos Partners, in which TOP Partnership holds an interest.

Targeted Areas

• Distributions
• Transfer of interest
• Flow-through entity
• Special allocations
• Purchase of assets

Return Information

• Basic Information
• Distribution
• Transfers of Interest
• Purchase of Assets
• Investment in Another Partnership
• Schedule K-1 from Amos Partnership
• Income
• Expenses related to Portfolio Income
• Capital Contributions
• Balance Sheet
• Transmittal Letter

Data Entry

• General Information
  • Setting Partnership Options and Defaults
  • Setting Up Partners
• Cash Distributions
• Transfer of Interest
• Purchase of Assets
• Pass-Through Entities
• Schedule K
• Special Allocations
• Balance Sheet
• Transmittal Letter/Filing Instructions
• Completing the 1065 Computations
  • Enable Allocations to Schedule K-1
• Reviewing the Return

 

 

 

Case Study Facts/top_intro.htm/TY2019

Last Modified: 03/19/2020

Last System Build: 06/17/2021

©2019-2020 Thomson Reuters/Tax & Accounting.