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Form 1120-S (Schedule K-1) online Cuyahoga Ohio: What You Should Know

Form K-1: Who May File — Ohio Department of Revenue For more information, contact the Ohio Department of Taxation at, ext. 8111 or 8115. Carrying Capacity and Shareholders—Ohio Department of Taxation The owner or shareholders of a partnership or corporation can carry shares of the partnership or corporation to a business entity or retirement plan.  • You may transfer shares of a business entity or retirement plan to you or any other person that you designate.  • You or any other person may sell or otherwise convey an investment held by you under a retirement plan that is managed by you and your plan's administrator.  • You or any other person may transfer an investment held by you or your person who manages a retirement plan held by you to any person other than a trust or a tax-qualified retirement plan.  If you are an investor, you should obtain a written opinion (Form K-1V) from a financial adviser or broker. This recommendation is an important protection to protect your interests at the point of sale or the transfer of the investment. Please contact the Ohio Department of Taxation for an Opinion on the use of Form K-1V.   The following chart (the line) outlines the provisions of Section 1011(a)(19) of the IRS code.  Carrying Capacity and Shareholder Qualified Business Asset — No tax is due on the transfer of the qualified business asset. The net gain is reported using line 19 of Form 1120-. Estate — The transfer of an estate is completely deductible. Aircraft/Motorcycle ­­The tax on the trade in or sale at death of any aircraft or motorcycle is 800 (3,400 if the aircraft is a small business aircraft) in the state of Ohio. If you are reporting income that was received in the state of Ohio and are having trouble understanding the tax calculation above, please follow the examples.  Example 1. You are an Ohio resident that owns a small business automobile. You have a trade-in agreement with a dealer in Florida to have your automobile appraised. As a result, your sales proceeds from the sale of your automobile in Ohio are reported on Schedule K-1. Based on your information, your gross income for Ohio is 1,000, and the amount of the gross income is 200.

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