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by BBA). See section 6225(c) (as

(but without regard to subsection (c)(2)(C)

check the box in Part III and specify the

amended by BBA), excluding paragraphs

thereof) for information on how the

nature and reasons for the changes.

(2), (7), and (8), for guidance regarding

adjustment is taken into account by its

Paperwork Reduction Act Notice. We

the modification rules that may apply to an

partners. If the partners are to take the

ask for the information on this form to carry

imputed underpayment. If modification is

adjustments into account, the partnership

out the Internal Revenue laws of the

applied to an imputed underpayment, the

will be required to furnish to each partner

United States. You are required to give us

AAR must include detailed documentation

of the partnership for the tax year of the

the information. We need it to ensure that

to support all modifications made to the

BBA AAR and file with the AAR, a

you are complying with these laws and to

imputed underpayment. If the partnership

statement of the partner's share of any

allow us to figure and collect the right

adjustment results in an imputed

adjustment to income, gain, loss,

amount of tax.

underpayment and the partnership did not

deduction, or credit indicated by the AAR.

You are not required to provide the

elect to have its partners take the

Write "Statement Required to be furnished

information requested on a form that is

adjustments into account in lieu of it

by a Partnership electing the Alternative to

subject to the Paperwork Reduction Act

paying the imputed underpayment, the

Payment of an Imputed Underpayment" at

unless the form displays a valid OMB

partnership must report and pay the

the top of each statement.

control number. Books or records relating

imputed underpayment and any interest

The statement must also include the

to a form or its instructions must be

and penalty associated with the imputed

following.

retained as long as their contents may

underpayment. See section 6233 (as

Name, correct TIN, and address of the

become material in the administration of

amended by BBA) for information

partnership.

any Internal Revenue law. Generally, tax

regarding interest and penalties

Name and correct TIN of the partner.

returns and return information are

associated with an imputed

Current or last address of the partner

confidential, as required by section 6103.

underpayment. If modification did not

that is known to the partnership.

apply to the imputed underpayment, the

The time needed to complete and file

The partner’s share of the items being

imputed underpayment will be figured

this form will vary depending on individual

adjusted as originally reported to the

using the highest rate in effect under

circumstances. The estimated burden for

partner.

section 1 or 11 for the tax year to which

business taxpayers filing this form is

Date the statement is furnished to the

the adjustment relates.

approved under OMB control number

partner.

1545-0123 and is included in the

Enter the imputed underpayment,

The partnership tax year to which the

estimates shown in the instructions for

interest, and penalty, if applicable, on

adjustments relate.

their business income tax return.

line 10. On the dotted line to the left of the

If you have suggestions for making this

entry space, enter “BBA Imputed

Part III—Explanation of

form simpler, we would be happy to hear

Underpayment.” If the imputed

Changes to Items in Part I

from you. You can send us comments

underpayment includes interest and

and Part II

from IRS.gov/FormComments. Or you can

penalty, notate the portion that is imputed

write to: Internal Revenue Service, Tax

underpayment, interest, and penalty at the

For each amended item, explain in detail

Forms and Publications Division, 1111

bottom of the page.

the reasons for the change. Include any

Constitution Ave. NW, IR-6526,

computations necessary to support the

If the partnership adjustment did not

Washington, DC 20224. Do not send

result in an imputed underpayment or if

amended item.

Form 1065X to this address. Instead, see

the partnership elects the alternative to

Changes in allocations. If there is a

Where To File, earlier, near the beginning

payment of the imputed underpayment,

change in the allocation of income, gain,

of the instructions

see section 6226 (as amended by BBA)

loss, deduction, or credit to a partner,

Instructions for Form 1065X

-6-

Instructions For Form 1065x - Amended Return Or Administrative Adjustment Request (Aar) - 2012 Page 6

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