ThomasM125
Employee Tax Expert

Business & farm

One problem could be that all of your partners are not individuals, C corporations, a foreign entity that could be taxed as a C corporation were it a domestic entity, S corporations or estate of a deceased taxpayer. You can look on the K-1 schedules in item I(1) to see what the entity type is for the partners. If not, then you cannot make the 6221(b) election.

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