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Form 1065 (Schedule M-3) for Chico California: What You Should Know

It must include all compensation which is paid or accrued in amounts that are in excess of the 5 million dollar maximum (if any) shown on Schedule A in the category of Partnership Activity. It must include compensation for the taxable year in the category of Partnership Interests, unless the amount of interest to be treated as capital gain under subsection (3) is greater than the 5 million dollar maximum shown on Schedule A in the category of Partnership Interests. Furthermore, it must include compensation paid, or accrued, in amounts that are in excess of the 5 million dollar maximum shown on Schedule A in the category of Partnership Interests. For the purpose of collecting all compensation, it must include all compensation reported on Schedule A that is paid or accrued to a partnership in excess of the 5 million dollar maximum shown on Schedule A in the category of Partnership Interests. The partnership will be required to attach an additional Statement that will state the total compensation paid or accrued to the partnership at the end of the taxable year in excess of the 5 million dollar maximum if more than 50% of the partnership's business income is business income and the total amount reported on Schedule B-1 is equal to or greater than the total amount reported on Schedule A. If the partnership has more than one partner and all the partners own more than 50% of the business, that partner will report the total amount of compensation paid or accrued during the taxable year for the business. That partner can do so in the category of Partnership Interests in all other partners in excess of 50% of the business by reporting compensation paid or accrued to them in excess of the 5 million dollar maximum shown on Schedule A (unless the amount of interest to be treated as capital gain under subsection (3) is greater than the 5 million dollar maximum shown on Schedule A in the category of Partnership Interests). If one partner owns equal or greater than 50% of the business, that partner must file the statement as a single item with a schedule and attach a separate statement for each partner for which that partner is not the owner but who participates in the business similarly. The partner who owns a partner's interest will report that ownership interest as a single statement for all of their partners in excess of 50% of the business that they participate in the same manner as if it were the sole owner of the interest. This statement is used to report all income and expenses not otherwise reported in the partnership return.

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