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Printable Form 1120-S (Schedule K-1) El Monte California: What You Should Know

Form 4797, Summary of Items Received, with Schedule K-1 If you are a shareholder, keep your Schedule K-1 with all of your other books and records, and any statements of your income, deductions, credits and expenses required by  IRC 591(a)(3), IRC 599(a)(31), IRC 61.  IRS Form 4797: Summary of Items Received by Shareholders of Specified Domestic Enterprises (S-Corporations) Form 4797 is a summary of items received by owners or beneficial owners (beneficiaries) of specified domestic companies. Generally, it gives the name, address and tax year of each person or organization that received an item and the value of the item. You fill out the form only when required by state or federal regulations. If you receive items other the Form 4797, it may be better for you to provide the item to the business, rather than to the IRS. This form provides information on the amount of income, deductions and credits reported on Form 1120S and Form 4797 if the S-Corporation is a separate taxpayer. It also provides the owner(s) or beneficial owner as a group or class of owners as defined in IRC Section 5041(b). Form 4797 includes information required by IRC Section 4681(f)(1) regarding the number of specified domestic companies owned by each shareholder and that the shareholder(s) or beneficial owner(s) are treated as individuals. All owners or beneficial owners were treated as individuals. This includes owners or beneficial owners that are treated as non-corporations. It also includes the number of beneficial owners which meet certain rules. It covers S-corporations in which more than 50 percent of shares are owned by one or more individuals. Furthermore, it applies only to Form 4797, S-Corporation Income Tax Return. Furthermore, it will not be helpful to you if another type of Schedule K-1 is filed other than Form 4797, Form 4797, U.S. Income Tax Return for an S  Corporation or Form 5471, Information Return on Certain Shareholders of Specified Domestic Enterprises. If you believe you are a beneficiary or owner of an S.D.E., you may be able to claim the standard deduction or the itemized deduction for your share of the S-corporation's income, deductions, credits, or other items, if you file a Form 4848.

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