According to the Tax Advisors, the new detailed schedules must be filed by all passthrough entities with items of international tax relevance, including entities with foreign partners and international activities.
Also Tax Advisors state that partnerships with strictly domestic income and assets may have to complete this section of the Schedules K-2 and K-3 if they have partners that are claiming a foreign tax credit. Even though you may not claim the credit there may be other partners that do, which include the foreign partners.
Now the sticky part is that these K-3 when issued cannot be ignored. Just for clarification purposes, what type of income in reported on your K-3 and the columns that reflect the income? Or just tell me , what is reported if anything?
@tspazok1
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