Form 8804 (Schedule A) Dayton Ohio 2024-2025

Form 8804 (Schedule A) Dayton Ohio: What You Should Know

SECTION 1445(A)(3), FOREIGN PARTNERSHIP TAX REFUND STATUS. The partnership that makes the payment is the actual and legal owner of the partnership interest (including any interest in the partnership that was being acquired when the payment was made), and a foreign partner is a person who is not the partnership owner. The income of the foreign partner that is to be treated as from the partnership interest is the interest, but not the income or gain recognized by section 1128A(a)(3)(C), (iii), and (xi) (which relate to the allocation of income by section 1446 and the allocation under section 1446(e)(2) of the partnership's income). The income attributable to partnership interest is the adjusted gross income of the partnership; see Form 8802, Partnership Income, and Form 8809, Partnership Allocations (if you made a prior allocation under section 1446). Filing and Returns. Generally, the partnership must file the information required in sections 1501(a) and 1445 (relating to the payment) with the IRS as each statement of partnership income is due. If a statement is not received in accordance with these instructions or with directions from the partners, the partnership may file a return with the IRS and provide the information on the return as shown from the statement that was filed. All information is due on or before the due date. For purposes of section 6662, information that is not due on or before the due date is treated as received on the due date, except for amounts shown on Schedule E (Form 1040, U.S. Individual Income Tax Return). See Rev. Run. 2002–60, 2002–14 I.R.B. 544. Income and Expenses. A foreign partner is subject to a separate and distinct federal tax on its partnership income. See section 706. The partner is subject to a separate and distinct Ohio state tax on its partnership income. See section 742. Reporting and Accounting. Except as otherwise provided in the partnership agreement or with the waiver by one partner, the partnership's partnership return must be filed on forms prescribed by the parties. The return must include all partnership income and expenses, including itemized deductions and gross income attributable to such items. A taxpayer may elect to file a return on forms prescribed by the taxpayer rather than on form 8803.

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