Schedule I (Summary Of Schedules A, B, E, F, And G) For Form J-1065 printable pdf download

2002

DOING

partnerr

M’ake remittance payable to:

md including interrmt, dividenda, and royrltiem mnd

rinm from

t8xcd on

*to nonresidents.

partn%

theme

Tram any partner havmg taxable income other than his dis-

behalf

asmumem

mtatum

fircal year or period otherwise

I I

MICHIQAN

JACKSON, MICHIGAN

PARTNERSHIP

INCOME TAX RETU

FORM J-1065

PARTNERSHIPS

FOR:

BUSINESS IN JACKSON,

F I L I N G I N S T R U C T I O N S

FILING DATE: Calendar year taxpayera must file by April

The Partnership Return, Form J-1065, ir domignmd to dim-

30. Fiscal year taxpayers must file within four (4) months after

tinguish between that income taxed to n?slQntm

and that taxed

the end of their fiscal year.

rofit for the

The return l

hall met forth the entire net

REMITTANCE: Partnerships electing to pay tax for

period covered and show the distributive share of each

must remit for all partners when filing return. The tax due, if

indicating those who are remident of Jackson and

who me

one dollar ($1.00) or more, must be paid when filing the return.

nonresidents. If residency changes during the tumble period

for any partner, use two liner to indicate allocmtion

of income

TREASURER - CITY OF JACKSON

by mtatus in all mchedulem where applicable.

MAILING ADDRESS: Mail your return and rermttance

to:

Option to Pay Tax

INCOME TAX DIVISION

At its election, the pmrtnermhip

may file either mu informa-

CITY HALL

tion return or it may compute and pay the tax which im due with

JACKSON, MICHIGAN 40201

respect to each partner’m mhare of the net profit of the buminemm,

after giving effect to exemptions and other itemm to which emch

partner is entitled. Such election is available to ml1 partnermhi

regardless of the remidency

of the partnerm.

The partner &

J-1065)

Who Must File a Partnership Return (Form

may pay the tax for partners only if it payn

all pmrtnerm

for

The City of Jackson income tax became

subject to the tax.

effective Jan. 1,

1970. Every partnership that conducts business activities in

If the partnership elects to pay the tax on behalf of the

the City of Jackson, whether or not an ofTice or place of busi-

partners thereof, then such election and payment shall be

ness is maintained in the city, is required to file a return within

deemed to meet the requirements for the filing of a return, am

four (4) months following the end of the taxable year. If on a

provided by the Ordinance, for each partner

calendar year basis, the return must be filed by April 30.

income subject to the tax, However, a return

Syndicates, joint ventures, pools and like organizations will

also use Form J-1065.

So-called “tax option” corporations

tributive share of the net profits of the partnership. In much

1120-S (under Sets. 1371-1377, Internal

instances, the partner should enter as “Income from Partner-

Revenue Code) must

file as corporations on Form J-l 120.

ships” on hir individual return the amount shown on the part-

nership return on Page 1 Column 1. The deductions shown in

Columns 2 and 3 and the credit in Column 7 paid on

him

Resident

vs.

Non-Resident

Partners

by the partnership ahould also be listed on him individuml

return.

Partners who are remidrnts

of Jackson are taxed on their

entire distributive l

hrrem of the net profits of the partnership,

including that ariming from businemm activity outside the city,

Partnership as Taxpayer

If the partnership electm to pay the tax on behalf of the

the sale or exchange of property, either tangible or f

ntangible.

partners then it

the

of a taxpayer to the follow-

Partners who are nonremidantr of Jackson,

are

ing extent:

their distributive mharem

of the portion of the net profit which

Timely Payment. Payment must be made within four

is attributable to buminems activity in the City, plus net rentals

(4) months from the end

of property in the City and gains from the sale or exchange of

of the

it will be subject to interemt and pen&fern

the ume u a de-

real or tangible permonal

property in the City. They are not

linquent payment from 8ny other twyer.

taxed on their share of net rentala

property outride the city,

gains from the sale or exchange of real or tangible property

2. Payment of estimated tax. The electian of the partner-

outside the city, gains from the sale or

of securities

exchange

ship to pay the tax on behalf of the individual partners also

or other intangible property, or interest or dividends.

carries with it the requirement to file a Declaration of Esti-

Schedule I (Summary Of Schedules A, B, E, F, And G) For Form J-1065

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