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Form 1065sm: Net Income (Loss) Reconciliation for Certain Partnerships

Use Tax Form 1065sm: Net Income (Loss) Reconciliation for Certain Partnerships as a stand alone tax form calculator to quickly calculate specific amounts for your 2017 tax return. Form 1065sm: Net Income (Loss) Reconciliation for Certain Partnerships is also integrated into our comprehensive US Tax Calculator where you can complete and save your calculations for later use. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.

Net Income (Loss) Reconciliation for Certain Partnerships
The amount of the partnership’s total assets at the end of the tax year is equal to $10 million or more.
The amount of the partnership’s adjusted total assets for the tax year is equal to $10 million or more. If box B is checked, enter the amount of adjusted total assets for the tax year
The amount of total receipts for the tax year is equal to $35 million or more. If box C is checked, enter the total receipts for the tax year
An entity that is a reportable entity partner with respect to the partnership owns or is deemed to own an interest of 50 percent or more in the partnership’s capital, profit, or loss, on any day during the tax year of the partnership.
Voluntary Filer.
Part I Financial Information and Net Income (Loss) Reconciliation
1aDid the partnership file SEC Form 10-K for its income statement period ending with or within this tax year?
bDid the partnership prepare a certified audited non-tax-basis income statement for that period?
cDid the partnership prepare a non-tax-basis income statement for that period?
2
3aHas the partnership’s income statement been restated for the income statement period on line 2?
bHas the partnership’s income statement been restated for any of the five income statement periods immediately preceding the period on line 2?
4a4a
bIndicate accounting standard used for line 4a (see instructions):
1   2   3
4   5
5a5a
b5b
6a6a
b6b
7a7a
b7b
88
99
1010
11
Note: Part I, line 11, must equal Part II, line 26, column (a) or Schedule M-1, line 1 (see instructions).
11
12Enter the total amount (not just the partnership’s share) of the assets and liabilities of all entities included or removed on the following lines:
Total AssetsTotal Liabilities
a
b
c
d
Part II Reconciliation of Net Income (Loss) per Income Statement of Partnership With Income (Loss) per Return
Income (Loss) Items
(Attach statements for lines 1 through 10)

Income (Loss) per Income Statement

Temporary Difference

Permanent Difference

Income (Loss) per Tax Return
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21a
b
c
d
e
f
g
22
23
24
25
26
Note: Line 26, column (a), must equal Part I, line 11, and column (d) must equal Form 1065, Analysis of Net Income (Loss), line 1.
Part III Reconciliation of Net Income (Loss) per Income Statement of Partnership With Income (Loss) per Return—Expense/Deduction Items
Expense/Deduction Items
Expense per Income Statement

Temporary Difference

Permanent Difference

Deduction per Tax Return
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b
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Online Net Income (Loss) Reconciliation for Certain Partnerships, complete, calculate, print or save for later use. Tax Form Calculator