in article a3933594-d31c-475d-809e-63993172d9a2...oglegroups.com,
david at athaided[at]hotmail.com wrote on 3/16/09 2:23 PM:

- quote -

attributable to you because the partnership does not pay any tax, the
partners do. You owe tax on this income, even if no cash was distributed to
you. This adds to your basis in the partnership and reduces any future
profit when you sell your partnership shares.

Uncompensated advice guaranteed correct or double your money back

Frank S. Duke, Jr. CPA
Cincinnati, OH USA

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- quote -

For all the gory details, see this document:
http://www.irs.gov/pub/irs-pdf/i1120ssk.pdf
(Not for the faint-hearted.)

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"david" <athaided[at]hotmail.com> wrote
- quote -





A K-1 reports your share of the business (in this case a partnership) income
or certain expenses.

This form will show your share of income even if you bought into the
partnership for a day (1/365ths of whatever percentage you owned).

So yes, you have to report the income, losses and expenses that are shown on
your K-1 - just as you must show the income and withholding from your W-2.






--
Paul Thomas, CPA
Watkinsville, Georgia

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

I have to file a Schedule K-1 Form 1065 for 2008. Do i have to report
the income or loss in Box 1 of Part 3 even if i did not sell any of my
shares in 2008.
Thanks

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >