Separately stated items & non-seperately stated items

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  • #195244
    Anonymous
    Inactive

    Could someone provide a list of those? Becker isn't really detailed about it. It's Becker S Corp chapter.

    Thanks.

    #676975
    Anonymous
    Inactive

    I found the detailed version at: https://www.irs.gov/instructions/i1065b/ch01.html#d0e1394

    It's a little confusing for our MCQs, so try this condensed version that I found online as well: https://www.bizzer.com/Pship/Outline/lect4a.htm

    Separately stated items

    Each partners distributive share of the partnership's income must be reported. Code Section 702 establishes a list of items that must be separately stated at the partnership level so that their character can remain intact as the income and losses are passed through and reported at the partner level. Section 702(a) lists the following items that must be stated:

    Net short-term capital gains and losses.

    Net long-term capital gains and losses.

    Section 1231 gains and losses,

    Charitable contributions.

    Dividends eligible for a dividends-received deduction.

    Taxes paid to a foreign country or to a U.S. possession.

    Any other items provided by the Regulations.

    #676976
    Anonymous
    Inactive

    The easiest way for me to think about these is to picture a K-1 (1120S). Separately stated items have their own box. Nonseparately stated items are included in box 1 (which is the amount from Form 1120S, page 1).

    #676977
    Anonymous
    Inactive

    Thank you guys! I appreciate your quick responses!

    #676978
    Anonymous
    Inactive

    Anything to distract us from our own studying 🙂

    #676979
    #676980

    Take what CPA1228 and I have posted. If you're a visual learner, try to visualize the form. That worked for me. I work in tax though so it was easier for me to visualize it.

    #676981
    Anonymous
    Inactive

    Thanks guys:)

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