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Atlanta Georgia online Form Schedule K-1 (1065-B): What You Should Know

The filing requirements for nonresident aliens and foreign partnerships are the same. A tax paid to a nonresident alien or a foreign partnership is includible in the partnership's income in the manner described under the Internal Revenue Code. Any amount includible in the partnership's income in excess of the amount of tax due is treated as a return of partnership income and is taxable as a partnership return under the Federal Income Tax Act (FIFA). Excise taxes on property (see Excluded income) and income before credits are required. The partner must report, on Schedule K-1, the income, adjusted basis of property, and adjustments to income, and the partners' share. Note: Partner's wages are income for GA purposes if they were derived from a partnership. Note: For more information about the required return form for partnerships, visit: Georgia Department of Revenue, Partnerships and Limited Partnerships, Publication #941, Schedule K-1 (Form 1065), Atlanta, GA. Treatment of Property Tax If an amount is attributable to partnership property, it is taxable as part of the partnership's income. If property is transferred to the partnership by the partnership, the transferor must report on Schedule K-1 the amount of the transferor's share of the partnership's gross income, the fair market value of the property at the time it was transferred to the partnership, and the partnership's share of any amounts of partnership business income or expenses. Any transferor share of the partnership's gross income is treated as a partner share, and the partner's share of any amount attributable to a transferor property is the partnership's share of the tax deducted at the partner level.

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