2017 Instructions for Form 1065-B

1 Userid: CPMS chema: instrxLeadpct: 100%Pt. size: Draft Ok to PrintAH XSL/XMLF ileid: .. ons/I1065B/2017/A/XML/Cycle03/source(Ini t. & Date) _____Page 1 of 43 10:35 - 7-Mar-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before for form Return of Income for Electing Large PartnershipsDepartment of the TreasuryInternal revenue ServiceSection references are to the internal revenue Code unless otherwise 's of Missing Taxpayer Advocate Service Is Here To Help To Get Forms and of Large Partnership (ELP) of the To To Must and Off to Whole Adjustment Forms, Returns, And Statements That May Be the Stated Made by the of Section 743(b)

2 Basis Adjustment on Partnership Made by Each 's Dealings With to the of Contributed of Precontribution Gain on Certain Partnership Receivables and Inventory of Reporting Income I. Taxable Income or Loss From Passive Loss Limitation II. Taxable Income or Loss From Other B. Other D. Capital Gains and K and K-1. Partners' Shares of Income, Credits, Deductions, Instructions for Schedules K and of Net Income (Loss)..36 Schedule L. Balance Sheets per M-1. Reconciliation of Income (Loss) per Books With Income (Loss) per M-2.

3 Analysis of Partners' Capital for Principal Business Activity and Principal Product or DevelopmentsFor the latest information about developments related to form 1065-B , its schedules, and its Instructions , such as legislation enacted after they were published, go to 's NewElecting large partnerships. Public Law 114-74, Title XI, section 1101(b), repealed the electing large partnership rules for partnership tax years beginning after 2017. form 1065-B and its Instructions will be obsolete after must sign. The partnership return must be signed by a partner.

4 Beginning in 2017, any partner of a partnership or a member of a limited liability company may sign the Business Activity Principal Business Activity Codes, located at the end of these Instructions , have been updated and revised to reflect updates to the North American Industry Classification System (NAICS).Foreign partnerships with wholly owned domestic disregarded entities (DEs). For tax years beginning on or after January 1, 2017, and ending on or after December 13, 2017, if a foreign partnership wholly owns a domestic DE, the domestic DE is treated as a domestic corporation separate from its owner (the foreign partnership) for the limited purposes of the requirements that apply to certain foreign-owned domestic corporations under section 6038A.

5 See the Instructions for form 5472 for additional information about reporting required by the domestic change for filing returns. The filing address for partnerships located in some states has changed. See Where To File, 8975. Certain persons that are the ultimate parent entity of a multinational enterprise group with annual revenue for the preceding reporting period of $850 million or more are required to file form 8975. form 8975 and its Schedules A ( form 8975) must be filed with the income tax return of the ultimate parent entity of a multinational enterprise group for the tax year in or within which the reporting period covered by form 8975 ends.

6 The first required reporting period for an ultimate parent entity is the 12-month reporting period that begins on or after the first day of a tax year of the ultimate parent entity that begins on or after June 30, 2016. For more information, see form 8975, Schedule A ( form 8975), and the Instructions for form 8975 and Schedule A ( form 8975).Disaster relief. The 10% taxable income limitation on charitable contributions has been temporarily suspended for certain cash contributions for relief efforts in certain disaster areas.

7 See Temporary suspension of 10% employers in certain disaster areas can use form 5884-A, Credits for Affected Disaster Area Employers, to report the employee retention credit. For more information on these and other disaster relief provisions, see Pub. , television, and live theatrical productions. Qualified film, television, or live theatrical productions acquired and placed in service after September 27, 2017 (for which a deduction would have been allowable under section 181 without regard to the dollar limitation or termination of the section), are eligible for the special depreciation allowance under section 168(k).

8 See the Instructions for form expiration date for the election to deduct certain costs of qualified film, television, and live theatrical productions has been extended through expenses, membership dues, and facilities. No deduction is allowed for certain entertainment expenses, Mar 07, 2018 Cat. No. 25982 PPage 2 of 43 Fileid: .. ons/I1065B/2017/A/XML/Cycle03/source10:3 5 - 7-Mar-2018 The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before dues, and facilities used in connection with these activities for amounts incurred or paid after December 31, 2017.

9 See Travel, meals, and entertainment, assets. For dispositions after 2017, certain patents, inventions, models, or designs; secret formulas or processes; or similar property are not capital assets. See What Are Capital Assets, due date for partnerships. For tax years beginning after 2015, the due date for a domestic partnership to file its form 1065 has changed to the 15th day of the 3rd month following the date its tax year of Missing ChildrenThe IRS is a proud partner with the National Center for Missing & Exploited Children (NCMEC).

10 Photographs of missing children selected by the Center may appear in Instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a Taxpayer Advocate Service Is Here To Help YouWhat is the Taxpayer Advocate Service? The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers and protects taxpayer rights. Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights under the Taxpayer Bill of Can the Taxpayer Advocate Serv-ice Do For You?