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Form 1065 Minneapolis Minnesota: What You Should Know

Use the screen to find Minnesota rental businesses with income less than 10% of the gross income of the partner. Enter the total partnership gross income on line 1 and multiply that by 12. The partnership should report an adjusted gross income of up to 1,000,000, for a total taxable income of up to 3,000,000. Enter the income information on line 5. No tax is due on the gross income and the partnership has a partner filing Form 1065. Enter the total gross income on line 6. Enter the total gross income on line 10. If the partnership has no partner, and total gross and taxable income are both reported, do the following: Select line 5 which contains business income and enter an average of the partnership's total gross income from the current and prior years. Select line 10 which contains gross income or income from rental real estate activities, and enter an average of the partnership's total gross income from the current year and the prior year. This allows you to make a lump-sum adjustment in tax liability. The total tax amount is then entered again on line 11. Enter your taxable partnership net income on line 12. This number must be determined in the same manner as above. Your net income on line 13 is then determined by subtracting net operating income (not income from income produced from real estate) to net income on line 11. If the taxable partnership net income is zero, do nothing and enter zero in the last line. You can use the screen to find Minnesota rental businesses with income less than 10% of the gross income of the partner. Screen Made — Partnership Adjusted Gross Income The partnership adjusted gross income may be higher than the partnership gross income. For example, if the partnership has a net operating loss and has to pay interest on the net operating loss, the net operating income is lower than the gross income. The partnership adjusted gross income is reported on line 14, for the partner. This information on line 14 is the same as when the gross income is entered. If the partner adjusted gross income is greater than the gross amount, do nothing and enter zero in the last line. Line 1 of Partnered Income Tax Return — Partnership Tax Enter the partnership gross income. Do not enter the business income. Enter the total taxable income. Add the total gross income reported on line 10 to the taxable income of the partnership on line 1. Add a 2% amount from line 11.

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