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Salinas California Form 1065 - Schedule D-1: What You Should Know

Form 8949-S, or Form 1099 of the reporting income and the gross proceeds from sale. • All amounts from Schedule D (Form 1065), except items showing the net gains or losses from sales by owners other than partnerships, or if the filing person was a partnership that did not report its income on a Schedule D, to report as part of an adjustment. For the partnership, if the partnership is the reporting person, its income will not be reported on Form 1065. (See Form 1065, Schedule K-1, for reporting income.) • Additional tax on the excess of the capital gains over the ordinary gains. • If you have excluded the sale or exchange from income under IRC 541 or paragraph (d)(6) of this section, report the exclusion on a separate Schedule C (Form 1065C) for this taxpayer. Your return will report the capital gain on Schedule D. However, you will not report the capital gain as part of the adjustment under section 1245. Report the other items described under Excluded income under IRC 541. If the partnership is reported as the reporting person, all of its gross income may be reported on Schedule D (Form 1065). Other Important Information: • All items on Schedule D (Form 1065) other than entries using the Form 1065 for income and the adjustments described under this code are considered special items. • For the reporting spouse, you must complete separate Schedule D (Form 1065) (Form 1065C) for the partnership. If you and the reporting spouse are reporting separate schedules, report the income on one Form 1065C and report the expenses on the other. • If you or your spouse have an interest in a partnership and one of you dies, report only the distributive share of the partnership property. • You and your spouse must report the gain from the sale/exchange and the gains and losses on Schedule D (Form 1065) each year. • There is no penalty for understatement of capital gains from sales of business property. • Report only the amounts on Schedule D (Form 1065) other than the entries using Form 1065 for income and the adjustments. • There is no penalty for understatement of capital gains from sales of business property. • Do not itemize deductions in your return for the adjusted gross income of the partnership. • If the partnership does not report income on a separate schedule, report each item on a separate schedule.

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