I would use a spreadsheet in your case and update the totals on the final parent 1065 K-1. Include the spreadsheet with the 1065 filing. Be sure to include name & ID#. In otherwords like a consolidated tax return.
-
Last edited by BOB W; 03-22-2009, 05:12 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content. -
Yah, attaching a statement was sitting in the back of my mind as a last resort.
Thanks BobW.
Comment
-
Thanks for the additional info. I plugged a number into my software. Here's what happened:
The amount I plugged did not affect anything on the 2nd partnership return except appear on the partner's K1s in the same manner - box 11 code c. A statement was created that shows "Section 1256 Contracts and Straddles". My software will import K1s to the 1040.
This shows up on the 1040 on form 6481 and carries to Sch D.
I am also not an advocate of blind trust in software to determine the outcome, but hope this will at least give you some help
Comment
Comment