ok, now I am getting it. I don't have to enter in anywhere on the 1065 because my LLC meets those requirements. But I do need to put in on my jointly filed 1040- it looks like it belongs on schedule k-1 for both parnters, line 18 (tax exempt income and non-taxable expenses), Code C (other exempt income)- right? Since the LLC is a pass thru entity, that will keep it from appearing in my taxable income.
