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Form Schedule K-1 (1065-B) Wilmington North Carolina: What You Should Know
In order to receive the full amount of income tax on the sale of a share of common stock for North Carolina Partners, North Carolina employees must be members of the partnership and the share is held in accounts managed by the North Carolina Partnership for Employee Benefit. (click on image to enlarge) Income Tax Exceptions North Carolina Partners must report amounts in Box 18 on Schedule K-1 to avoid an income tax, federal or state corporate income tax, state gross receipts tax, federal self-employment tax, and the North Carolina estate tax. Sales of Common Stock on the North Carolina Partners must be reported in box 18. Sales of Common Stock that are a “passing asset” of the Partnership will not include any amounts received as dividends or other distributions by the Partnership or North Carolina Partners for the taxable year. (click on image to enlarge) Sales of common stock that are a holding on account or account with other organizations must be reported in Box 18 and must not be reported on Schedule K-1. (click on image to enlarge) If the North Carolina Partners are not able to agree with the determination of taxable income by the IRS, they may elect to submit a request for reconsideration of their income tax determination and obtain an assessment of the amount of tax for which they were improperly assessed. All requests for reconsideration must be received by September 15, 2020. A request for reconsideration must be in the form provided by the IRS within three months of the date the North Carolina Partners receive a new income tax return. Income Tax Adjustments If North Carolina Partners do not agree with a determination of taxable income by the IRS, they may elect to make an income tax adjustment. North Carolina Partners must submit an income tax adjustment application by October 15, 2020. A request for an income tax adjustment must be in the form provided by the IRS within three months upon the conclusion of the North Carolina Partnership's annual meeting. Note: For partners outside the United States of America, the application for adjustment will need to be completed by certified mail. If the North Carolina Partners do not submit an adjustment application within three months of the IRS's determination, they will automatically be assessed a tax for which they are not entitled to receive a refund. If the North Carolina Partners receive a final determination by the IRS that their income tax is incorrect, North Carolina Partners must send a written Notice of Adjustment in accordance with this Notice to the IRS by December 15, 2020.
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