Oregon OR-65 Final Return

[Carey50]

Filled out the OR-65 form. The instructions state " If this is the final partnership return, a schedule showing to whom all assets and liabilities were distributed, and each asset’s adjusted basis, fair market value, and sales price." 

The Secretary of State's Administrative Rules state " A schedule showing the disposition of all assets and liabilities if this is the final return of a terminated partnership. The schedule must include each asset’s Oregon adjusted basis and fair market value. No mention of whom assets and liabilities were distributed to.???

So is this a schedule I put together?  And if so, do I include any kind of supporting documents?

[DaveF1006]

Yes, if you are in charge of filing the final partnership return, you need to show a schedule showing the distribution/disposition of all assets and liabilities to each partner. 

Yes, this a schedule that needs to be put together either by yourself or an administrative staff in your partnership, provided if such a staff member exists. If you are just the person that is preparing the return, you need to review the partnership agreement to determine the percentage amounts each partner owns in the partnership and then distribute all assets and liabilities according to the percentages each partner possesses. When you review these, each partner may possess a different asset and liability percentage as spelled out by the agreement. If none exists, then you may wish to distribute these in equal percentages.  For an example, if you have 4 partners, it would be 25% each for liabilities and assets. Two partners would be 50-50 and so on and so forth.

As far as supporting documents, you normally would not send these in the return, at least not for the federal return.  Your state may have different requirements, so you may check with them. Make sure though you keep the agreement or other documents that pertain to the partnership so these can be provided, if necessary.