Form 541 - Partnerships - Department Of The Treasury - Internal Revenue Service - 2010
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16Publication 541
Contents
(Rev. December 2010)
Reminder . . . . . . . . . . . . . . . . . . . . . . 1
Department
Cat. No. 15071D
of the
Introduction . . . . . . . . . . . . . . . . . . . . . 1
Partnerships
Treasury
Forming a Partnership . . . . . . . . . . . . . 2
Internal
Revenue
Terminating a Partnership . . . . . . . . . . . 3
Service
Exclusion From Partnership
Rules . . . . . . . . . . . . . . . . . . . . . . 4
Partnership Return (Form 1065) . . . . . . . 4
Attention: This publication is not revised on an annual basis. The
information contained in this publication does not require annual
Partnership Distributions . . . . . . . . . . . 4
updates. To find changes that may affect current year returns, see
What’s New in your income tax return instructions and What’s Hot in
Transactions Between
Tax Forms, Pubs, and Other Tax Products at
Partnership and Partners . . . . . . . . 7
The information not included in this publication is available in the
Basis of Partner’s Interest . . . . . . . . . . . 9
Instructions for Form 1065 and Partner’s Instructions for Schedule K-1
(Form 1065).
Disposition of Partner’s Interest . . . . . . 11
How To Get Tax Help . . . . . . . . . . . . . . 14
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Reminder
Photographs of missing children. The Inter-
nal Revenue Service is a proud partner with the
National Center for Missing and Exploited Chil-
dren. Photographs of missing children selected
by the Center may appear in this publication on
pages that would otherwise be blank. You can
help bring these children home by looking at the
photographs and calling 1-800-THE-LOST
(1-800-843-5678) if you recognize a child.
Introduction
This publication provides supplemental federal
income tax information for partnerships and
partners. It supplements the information pro-
vided in the instructions for Form 1065, U. S.
Return of Partnership Income, and the Partner’s
Instructions for Schedule K-1 (Form 1065). Gen-
erally, a partnership does not pay tax on its
income but “passes through” any profits or
losses to its partners. Partners must include
partnership items on their tax returns.
For a discussion of business expenses a
partnership can deduct, see Publication 535,
Business Expenses. Members of oil and gas
partnerships should read about the deduction
for depletion in chapter 9 of that publication.
Certain partnerships must have a tax matters
partner (TMP) who is also a general partner. For
Get forms and other information
information on the rules for designating a TMP,
see Designation of Tax Matters Partner (TMP) in
faster and easier by:
the Form 1065 instructions and section
301.6231(a)(7)-1 of the regulations.
Internet
IRS.gov
Many rules in this publication do not
!
apply to partnerships that file Form
1065-B, U.S. Return of Income for
CAUTION
Electing Large Partnerships. For the rules that
apply to these partnerships, see the instructions
for Form 1065-B. However, the partners of elect-
ing large partnerships can use the rules in this
publication except as otherwise noted.
Mar 09, 2011
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