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- My client has a LLC and does not have Foreign transaction so why was line 16 activted? AA AB AC AD
My client has a LLC and does not have Foreign transaction so why was line 16 activted? AA AB AC AD
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mp131687
Level 1
06-16-2021
11:19 PM
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My client has a LLC and does not have Foreign transaction so why was line 16 activted? AA AB AC AD
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1 Comment 1
PKCPAMST
Level 5
06-17-2021
10:46 AM
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Lacerte looks at Screen 7 - Partner Information, Section – Miscellaneous Info, Field - Type of Entity. If the type selected is Corporation, it triggers Line 16 on Form 1065-K-1.
Reason: Under IRC Sec 59A, the base erosion and anti-abuse tax (BEAT) applies to corporations that have average annual gross receipts of $500 million or more for the three tax years. The corporation uses the information provided on Line 16 to compute its average annual gross receipts for Sec 59A purposes.
