Form 541 - Partnerships - Department Of Treasury Internal Revenue Service - 2002
ADVERTISEMENT
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28Publication 541
Contents
Cat. No. 15071D
Important Change for 2002 . . . . . . . . . . 1
Department
Partnerships
of the
Important Change for 2003 . . . . . . . . . . 2
Treasury
Important Reminder . . . . . . . . . . . . . . . 2
Internal
Revenue
Introduction . . . . . . . . . . . . . . . . . . . . . 2
For use in preparing
Service
Forming a Partnership . . . . . . . . . . . . . 2
2002
Returns
Terminating a Partnership . . . . . . . . . . . 3
Exclusion From Partnership
Rules . . . . . . . . . . . . . . . . . . . . . . 4
Tax Year . . . . . . . . . . . . . . . . . . . . . . . 4
Partnership Return (Form 1065) . . . . . . . 5
Penalties . . . . . . . . . . . . . . . . . . . . . . . 5
Partnership Income or Loss . . . . . . . . . 6
Partner’s Income or Loss . . . . . . . . . . . 6
Partnership Distributions . . . . . . . . . . . 9
Transactions Between
Partnership and Partners . . . . . . . . 12
Basis of Partner’s Interest . . . . . . . . . . . 14
Disposition of Partner’s Interest . . . . . . 16
Adjusting the Basis of
Partnership Property . . . . . . . . . . . 18
Form 1065 Example . . . . . . . . . . . . . . . 18
How To Get Tax Help . . . . . . . . . . . . . . 27
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Important Change
for 2002
Tax shelter disclosure statement. A partner-
ship must file a disclosure statement for each
reportable tax shelter transaction in which it par-
ticipated, directly or indirectly, if the transaction
is reasonably expected to affect any partner’s
federal income tax liability. For more informa-
tion, see the tax shelter disclosure statement
discussion in the Form 1065 instructions under
Other Forms, Returns, and Statements That
May Be Required.
A partner must file a disclosure statement for
each reportable tax shelter transaction in which
the partner participated, directly or indirectly, if
the partner’s federal income tax liability was
affected by the transaction. For more informa-
tion, see the tax shelter disclosure statement
discussion in the Schedule E (Form 1040) in-
structions.
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