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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 12679
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I have a partnership and would like to know if we have file

Customer Question

I have a partnership and would like to know if we have file form M3 both of us own 50 percent in the partnership
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: I am puzzled about that reportable entity on the tax return
JA: Anything else I can tell the Accountant before I connect you two?
Customer: no
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.
Hi - I can help here....Any entity that files Form 1065 or Form 1065-B must file Schedule M-3 (Form 1065), if any of the following is true:...The amount of total assets at the end of the tax year reported on Schedule L, line 14, column (d), is equal to $10 million or more.The amount of adjusted total assets for the tax year is equal to $10 million or more. See Total Assets and Adjusted Total Assets.The amount of total receipts for the tax year is equal to $35 million or more.An entity (another partnership, LLC or corporation) that is a reportable entity partner with respect to the partnership (as defined under these instructions) owns or is deemed to own, directly or indirectly, an interest of 50% or more in the partnership's capital, profit, or loss, on any day during the tax year of the partnership....
Expert:  Lane replied 1 year ago.
I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd really appreciate a positive rating (using the , faces, or stars on your screen, and then clicking “submit”)...That’s the only way JustAnswer will credit us for the work here....Thank you!Lane……I hold a JD (Juris Doctorate, the law degree), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.
Expert:  Lane replied 1 year ago.
Hi,...I’m just checking back in to see how things are going....Did my answer help?...Let me know…...ThanksLane