Form 541 - Partnerships - Department Of Treasury Internal Revenue Service - 2013

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Publication 541
Contents
(Rev. December 2013)
. . . . . . . . . . . . . . . . . . . .
Cat. No. 15071D
Reminder
1
Department
Partnerships
. . . . . . . . . . . . . . . . . .
of the
Introduction
1
Treasury
. . . . . . . . . . . .
Forming a Partnership
2
Internal
Revenue
. . . . . . . . .
Terminating a Partnership
3
Service
. . . .
Exclusion From Partnership Rules
4
. . . . . .
Partnership Return (Form 1065)
4
. . . . . . . . . .
Partnership Distributions
4
Transactions Between Partnership
. . . . . . . . . . . . . . .
and Partners
7
. . . . . . . . .
Basis of Partner's Interest
9
. . . . .
Disposition of Partner's Interest
11
Tax Equity and Fiscal
Responsibility Act of 1982
. . . . . . . . . . . . . . . .
(TEFRA)
13
. . . . . . . . . . . . . . . . . . . . .
Index
15
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 1­800­THE­LOST
(1­800­843­5678) if you recognize a child.
Introduction
This publication provides supplemental federal
income tax information for partnerships and
partners. It supplements the information provi­
ded in the Instructions for Form 1065, U. S. Re­
turn of Partnership Income, and the Partner's In­
structions for Schedule K­1 (Form 1065).
Generally, a partnership does not pay tax on its
income but “passes through” any profits or los­
ses to its partners. Partners must include part­
nership 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 mat­
ters partner (TMP) who is also a general part­
ner. For information on the rules for designating
a TMP, see Designation of Tax Matters Partner
(TMP) in the Form 1065 instructions and sec­
tion 301.6231(a)(7)­1 of the regulations.
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Jan 24, 2014

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