Schedule B-1 (Form 1065) - Information On Partners Owning 50% Or More Of The Partnership - 2017 Page 2
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Schedule B-1 (Form 1065) (Rev. 9-2017)
Page
General Instructions
Example 1. Corporation A owns, directly, an interest of 50%
in the profit, loss, or capital of Partnership B. Corporation A
Section references are to the Internal Revenue Code unless
also owns, directly, an interest of 15% in the profit, loss, or
otherwise noted.
capital of Partnership C. Partnership B owns, directly, an
interest of 70% in the profit, loss, or capital of Partnership C.
Future Developments
Therefore, Corporation A owns, directly or indirectly, an
interest of 50% in the profit, loss, or capital of Partnership C
For the latest information about developments related to
(15% directly and 35% indirectly through Partnership B). On
Schedule B-1 (Form 1065) and its instructions, such as
Partnership C’s Form 1065, it must answer “Yes” to question
legislation enacted after the form and instructions were
3a of Schedule B. Partnership C must also complete Part I of
published, go to
Schedule B-1. In Part I, Partnership C must identify Corporation
Purpose of Form
A, which includes entering “50%” in column (v) (its maximum
percentage owned). It also must identify Partnership B, and
Use Schedule B-1 (Form 1065) to provide the information
enter “70%” in column (v).
applicable to certain entities, individuals, and estates that own,
Part II
directly or indirectly, an interest of 50% or more in the profit,
loss, or capital of the partnership.
Complete Part II if the partnership answered “Yes” to Form
Who Must File
1065, Schedule B, question 3b. List each individual or estate
owning, directly or indirectly, an interest of 50% or more in the
Schedule B-1 (Form 1065) must be filed by all partnerships that
profit, loss, or capital of the partnership at the end of the tax
answer “Yes” to question 3a or question 3b on Schedule B of
year. Enter the name, social security or employer identification
Form 1065. Attach Schedule B-1 to Form 1065.
number, country of citizenship (for an estate, the citizenship of
the decedent), and the maximum percentage interests owned,
Specific Instructions
directly or indirectly, in the profit, loss, or capital of the
partnership.
Part I
Example 2. A owns, directly, 50% of the profit, loss, or capital
Complete Part I if the partnership answered “Yes” to Form
of Partnership X. B, the daughter of A, does not own, directly,
1065, Schedule B, question 3a. List each corporation,
any interest in X and does not own, indirectly, any interest in X
partnership, trust, tax-exempt organization, or foreign
through any entity (corporation, partnership, trust, or estate).
government owning, directly or indirectly, an interest of 50% or
Because family attribution rules apply only when an individual
more in the profit, loss, or capital of the partnership at the end
(in this example, B) owns a direct interest in the partnership or
of the tax year. Enter the name, EIN, type of entity (corporation,
an indirect interest through another entity, A’s interest in
partnership, trust, tax-exempt organization, or foreign
Partnership X is not attributable to B. On Partnership X’s Form
government), country of organization, and the maximum
1065, it must answer “Yes” to question 3b of Schedule B.
percentage interests owned, directly or indirectly, in the profit,
Partnership X must also complete Part II of Schedule B-1. In
loss, or capital of the partnership. For an affiliated group filing a
Part II, Partnership X must identify A, which includes entering
consolidated tax return, list the parent corporation rather than
“50%” in column (iv). Partnership X will not identify B in Part II.
the subsidiary members. List the entity owner of a disregarded
entity rather than the disregarded entity. If the owner of a
disregarded entity is an individual rather than an entity, list the
individual in Part II. In the case of a tax-exempt organization,
enter “tax-exempt organization” in column (iii).
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