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K-1 cash distributions Form: What You Should Know

Aug 16, 2024 — Report distributions subject to section 752 in the Form 1120S or W-2G (or similar forms). The Form 1120S may be used to report distributions to you. These distributions are not in line with the distribution made in accordance with rules described in this paragraph. Aug 27, 2024 — The Schedule K-1 is the form that records the disposition of your interest in the partnership after the first taxable year in which it received an amount from you, but before the S corporation's tax-exempt status is determined. 2021 Partner's Instructions for Schedule K-1 (Form 1065) — IRS All distributions and sales subject to section 752 and the S corporation's taxable distributions of cash, marketable securities, or property (including the net capital gain). Do not include the amount of property 2021 S Corporation's Shareholder's Instructions for Schedule K-1 (Form 1065 or 1065A) The S corporation is a qualified mutual fund partnership. You should be able to determine its qualified status from: Aug 19, 2024 — Report any distributions you received in the form of cash, marketable securities, or property, or any distributions subject to section 737 here. Note: Don't report the amount of property transferred to the partnership. If the distribution(s) are treated as being in an investment transaction and the fair market value of property is a capital asset of the partnership, the amount to be included in gross income on line 21a is allocated according to property's fair market value. If the distribution(s) are not treated as being within the acquisition category of the investment transaction, and you have a reasonable basis for estimating its fair market value, then the amount to be included in gross income on line 21a is subject to a minimum allocation adjustment for the property.

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