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21-Jul-2017 12:40

For information on the rules for designating a TMP, see Designation of Tax Matters Partner (TMP) in the Form 1065 instructions and section 301.6231(a)(7)-1 of the regulations. For the rules that apply to these partnerships, see the Instructions for Form 1065-B. real property interest from a foreign person or firm, the partnership may have to withhold tax on the amount it pays for the property (including cash, the fair market value of other property, and any assumed liability).

Many rules in this publication do not apply to partnerships that file Form 1065-B, U. However, the partners of electing large partnerships can use the rules in this publication except as otherwise noted. If a partnership has income effectively connected with a trade or business in the United States, it must withhold on the income allocable to its foreign partners. A partnership that fails to withhold may be held liable for the tax, applicable penalties, and interest.

Members of oil and gas partnerships should read about the deduction for depletion in chapter 9 of that publication.

Certain partnerships must have a tax matters partner (TMP) who is also a general partner.

An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits.

Photographs of missing children selected by the Center may appear in this publication 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 child.

This publication provides supplemental federal income tax information for partnerships and partners.

Publication 555 discusses the community property laws of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.

Capital is a material income-producing factor if a substantial part of the gross income of the business comes from the use of capital.

Partners must include partnership items on their tax returns.

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