The Form 1065 for 2009, while not being as radical a change as the one we saw when going to the 2008 1065 from the 2007 version, still has some new additions that indicate areas of IRS interest for partnerships. The changes for 2009 include:
- Schedule B-1. A new Schedule B-1 has been added which will be required to be filled out when the partnership checks yes to questions 3a or 3b on Part B, indicating there is a greater than 50% partner.
- §704(c) Issues. The partners’ K-1 now contains an item “M” that asks if a partner contributed assets that had a built-in gain or loss. If the question is answered yes, a statement must be attached that describes each property the partner contributed, the date it was contributed and the amount of the built-in gain or loss.
- §108(i) Elections. A new code has been added to the K-1 to report information related to any election the partnership makes under §108(i), added by the American Recovery and Reinvestment Act of 2009, to defer recognition of gain on the cancellation of certain debts that occur after 2008 but before 2011.