360 Tax Martin
Level 3
03-04-2021
11:52 AM
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Client has received a K-1 from a partnership which contains foreign transactions, code AA $5724 & code AB $162
How should these be reported on the individual return?
Thank you!
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1 Comment 1
PhoebeRoberts
Level 11
03-04-2021
12:03 PM
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In the place you'd normally report gross receipts per Reg Sec 1.59A-7(e)(2)
https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf
https://www.bdo.com/insights/tax/international-tax/treasury-issues-final-beat-regulations