It can be confusing. Your partnership is required to report to you the current and three prior year's of income under Code Section 448(c). Enter the combined total of the income for the three preceding years.
- Form 1065-K1 Instructions (see page 19).
- Partnerships with current year gross receipts (defined in Regulations section 1.448-1T(f)(2)(iv)) greater than $5 million are required to report to their partners their distributive share of current year gross receipts, as well as their distributive share of gross receipts for the 3 immediately preceding tax years.
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