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KS online Form 1065 (Schedule M-3): What You Should Know
Complete Schedule PMT for each partnership. Partner's PC: If the Partnership has partners who are not the Partnership's owners, prepare a PC for each partner. Partner's Share of Income: You can use the Schedule PC on a partnership's Form 1065 if the Partnership has any income to report but none that would qualify the partners for Personal Exemption or itemized deductions. Complete this schedule on the Partner's PC. Partner's PC: If the Partnership has partners who are not the Partnership's owners, prepare a PC for each partner under the Partnership's Schedule PC. There are only two examples on Schedule PMT for this Form 1065 requirement. An example using the “no partner” rule is shown in the Example 2 section of this publication. An example using the “limited partner” rule would be shown in Example 3 below. Example #2 : No Partner : If the Partnership has no partners who are its owners, prepare Schedule PMT only under the Partnership's Schedule PMT. Example #3 : Limited Partner : If the Partnership has limited partners, you must use the Partnership's Schedule PC for this PC. Example #4 : Limited Partner & More: If the Partnership has more partners who are its owners and some of its limited partners, then you must use the Partnership's Schedule PMT and PMT for this PC under Schedule PMT/PMT/PMT/PMT/PMT or Schedule PMT/PMT/PMT. See Appendix H for further guidance. Exercise of a Power of Attorney (or a Representative) Minnesota has a limited power of attorney or representative to make decisions for individuals and businesses. A power of attorney allows a person to do what he/she is unable to do because of a physical or mental condition. A power of attorney can be obtained, if one has qualified, from: a health care provider; a mental health provider; a physician. Contact your county or city clerk's office for instructions on obtaining or renewing any of these types of power of attorney. Minnesota's Statewide Power of Attorney Registry has information on how to obtain a power of attorney from the Secretary of State. For power of attorney to be effective, a person must understand the nature of the business and the legal consequences that could be presented by failing to use this power of attorney, and may be required to seek other legal assistance. If possible, ensure that the person who is acting to take certain actions is actually the owner and the beneficiary.
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