I filed an extension and I'm working my Tax get done now. And need help!
I own USO and UNG (just holding since 2020)
I received 1065/K1. Box 16 checked but Blank on Line 21. But K-3 hasn't been provided yet as of today August 22.
I just leaned that the IRS says it's not required to file K-3 along with Schedule K-1 (form 1065) for 2021 if qualify the exception such as;
- In tax year 2021, the domestic partnership or S corporation has no foreign activity, including foreign taxes paid or accrued or ownership of assets that generate, have generated or may reasonably expected to generate foreign source income (see section 1.861-9(g)(3)
Q1. How do I know whether if it has foreign activity or not? Does it mean NO foreign activity if Line 21 is Blank?
Q2. If so, Do I uncheck box 16 in order to avoid errors on TT software and finish my return? (I read past discussions about this subject but
wonder if there is any updates since then)
Q3. If so, Do I have to file amend later when K-3 is provided ?
Thank you very much for your time and help in advance.
