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Screen OthInfo - Other Information (1065)
Schedule B - Other Information
Type of entity / Other (specify)
Select the type of entity or enter the type of entity in the
Other (specify)
field. If you enter codes 5
- 8,
the application marks the Foreign partnership field on Schedule B. Some state applications use this information to calculate the state return.note
The application includes only the first 20 characters of the other type of entity in the electronic file for Form 1065, Schedule B, line 1f. For details about other electronic filing limitations, see Field size limitations for 1065 electronic filing.
Partners owning, directly or indirectly, 50% or more of the partnership: Corporations, partnerships, trusts, tax-exempt organizations, and foreign governments / Individuals and estates
The application automatically answers Schedule B, question 2 and completes Schedule B-1 based on the partner percentages on Schedule K-1, Item J and data entry in the Partner and Federal tabs in the Partner Information window in Partner Data Entry. Use the statement to enter information for entities that own 50 percent or more of the partnership at the end of the tax year and are not included in Partner Data Entry.
note
- Enter a country if the country of organization is other than the United States. If you leave this field blank, Schedule B automatically displays "United States" in the Country of Organization field.
- The country code is required when electronically filing. If you do not electronically file the return, you can enter the country name directly in the text field.
Partnership owned directly 20% or more or directly and indirectly 50% or more: Voting stock of corporation
If the partnership owned directly 20 percent or more or owned, directly and indirectly, 50 percent or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation at the end of the tax year, use the statement to enter the corporation name, identification number, country of incorporation (if not US), and percentage of ownership of voting stock. The application answers Yes to Form 1065, Schedule B, question 3a. If you leave this field blank, the application defaults to No.
note
- Enter a country if the country of incorporation is other than the United States. If you leave this field blank, the statement for Schedule B, question 3a automatically displays "United States" in the Country of Incorporation field.
- The country code is required when electronically filing. If you do not electronically file the return, you can enter the country name directly in the text field.
Partnership owned directly 20% or more or directly and indirectly 50% or more: Interest in partnership or trust
The application automatically answers Schedule B, question 3b based on data entry in the K1 Screen. If the partnership did not receive a Schedule K-1, use the statement to enter the name of the entity, identification number, type of entity, country of organization (if not US), and percentage of ownership for interest in a partnership or trust at the end of the tax year.
note
- Enter a country if the country of organization is other than the United States. If you leave this field blank, the statement for Schedule B, question 3b automatically displays "United States" in the Country of Organization field.
- The country code is required when electronically filing. If you do not electronically file the return, you can enter the country name directly in the text field.
Meet all requirements for Question 4? (Force)
If the requirements for Schedule B, question 4 are met, the application answers Yes to question 4 and does not complete Form 1065, Total assets or Schedules L, M-1, M-2, and K-1, Partner's capital account analysis. Enter
1
for Yes or 2
for No to force a different answer.For more information, see Why aren’t Schedules L, M-1, and M-2 being completed?
Use the
Print schedules when not required
field to complete these items when the answer to question 4 is Yes.Print schedules when not required
If Schedule B, question 4 is Yes, the application does not complete Form 1065, Total assets or Schedules L, M-1, M-2, and K-1, Partner's capital account analysis. Enter
1
in this field if you want the application to complete these items when the answer to question 4 is Yes. Enter 2
in this field if you want the application to complete only Schedule K-1, Partner's capital account analysis when the answer to question 4 is Yes.Foreign countries with an interest in or signature authority over a foreign account
Use the statement to list the name of any foreign country in which the partner has an interest or a signature or other authority over a financial account. The country code is required when electronically filing. If you do not electronically file the return, you can enter the country name directly in the
Country Name
field. The application answers Yes to Form 1065, Schedule B, question 8. If you leave this field blank, the application defaults to No.Optional basis adjustment under section 743(b) or 734(b)
If the partnership is making an optional basis adjustment under IRC section 743(b) or 734(b), use the statement to provide the computation and allocation of the adjustment. The application answers Yes to Form 1065, Schedule B, question 10b. If you leave this field blank, the application defaults to No.
Required basis adjustment under section 743(b) or 734(b)
If the partnership is required to adjust the basis of partnership assets under IRC section 743(b) or 734(b) because of a substantial built-in loss, use the statement to provide the computation and allocation of the adjustment. The application answers Yes to Form 1065, Schedule B, question 10c. If you leave this field blank, the application defaults to No.
Property received in a like-kind exchange was distributed or contributed to another entity
Mark this checkbox if the partnership distributed any property received in a like-kind exchange or contributed such property to another entity during the current or prior tax year.
Electing out of the centralized partnership audit regime under section 6221(b)
By default, information for the partnership representative and partnership representative designated individual (if applicable) entered in Partner Data Entry or Screen Contact will transfer to Form 1065, Page 3, Designation of Partnership Representative.
If you mark this field, the application will not complete 1065, Page 3 and instead complete Schedule B-2. Use the SchB2 Screen in the Elect folder to enter information for shareholders of S Corporation partners.
note
The application will continue to use the partnership representative and partnership representative designated individual (if applicable) as the partnership's contact name or the name of the person who signs the return in the electronic file, in the partner transmittal letter, and in various signature blocks, such as Forms 2848, 3115, 8716, 8821, and 8832.