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Chicago Illinois Form 1065 (Schedule M-3): What You Should Know

Signs of a Significant Change in the Value of Your Partnership Assets : These changes include the following: ● Changes in your partnership's balance sheets : If your partnership's total assets at the end of the tax year are less than 10,000, the partner or partners you designate in your return would be a qualifying partner for Part II and a qualifying partner for Part III. ● Changes in your partnership's tax rates : If your partner's tax rates change, you may be a qualifying partner if your partnership's return is filed before the change. ● Changes in your partner's net operating loss carryovers : If your partner's carryover of net operating loss is a qualifying change for any period, you may be a qualifying partner if your return is filed after the change in the partner's carryover. ● Changes in your partner's tax brackets : If your partner's tax brackets change, you may be a qualifying partner if your return is filed before the change. Tax Rates Changes in Tax Rates or Tax Brackets from a Certain Period Changes in the rates of tax as a result of the following are not considered qualifying changes for a period and a reporting period for the partnership is ended. Changes in tax rates (e.g., tax rate reductions for individuals; income tax rate increases); Changes in the tax brackets (e.g., lower tax brackets for individuals, lower tax brackets for corporations); Change in the tax laws (e.g., tax legislation or new tax-law changes) ● If a partner that is a qualified spouse or partner for Part III and a qualifying spouse or partner for Part II reports that the partnership's income or loss for a period is more from the partner's net business income than from a source within this state or within 100 miles of this state, an increase in the partnership's net business income or loss for Part II is not considered a qualifying change for that period. A partner from a state with a lower income tax rate than Illinois or an increase in the qualifying partnership's net business income or loss for Part II, on the other hand, is considered a qualifying change for any period. ● If a partnership's tax rate changes while a partnership is under assessment, the partnership's rate for any partnership year for which the assessment is made is considered a qualifying change for that period.

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