Travis Texas Form 1065 (Schedule B-1) 2019-2025

Travis Texas Form 1065 (Schedule B-1): What You Should Know

A) A person (including an estate or trust, a partnership, an association, or an organization). (B) A partnership or association (unless described as a partnership or association in another chapter of this  Code). (C) A trust (except a personal trust). (2) Partnership. (A) A partnership is a business organization consisting of individuals who own at least 25% of its partnership interests and with respect to which the business or any other item described in Section 13(b) of the act of November 23, 1952 (53 Stat. 713), as amended, is conducted. (B) A trust or estate formed by all or substantially all the partners in a partnership is a partnership for this purpose if all the partners own at least 50% of the partnership interests (unless described as a partnership in another chapter of this  Code). (C) A partnership (other than an estate or trust), except a personal trust, shall be treated as an association for this purpose if all the partners in a partnership own all the business interests (other than capital interests or special interests) in the partnership. (3) Estate. (A) An estate is a trust whose trust-like status is revoked by an order of the court. (B) A trust formed by all or substantially all of a person's partners shall be treated as an association for this purpose if each partner in the trust owns all the business interests in the trust (other than capital interests or special interests). (4) Trust. An association shall be treated as a trust for purposes of this subchapter if all the members of the association own all the assets of the association. (5) Capital. A capital interest is an interest, other than a capital interest in an estate, that the person has in an association. If an interest to which this paragraph applies is a capital interest, it shall not be treated as a capital interest under this chapter if the capital interest is subject to an exclusion under Section 13(b)(2) of the Internal Revenue Code, other than by virtue of the formation of a partnership. Any capital interest that, by virtue of such formation, is an excluded capital interest under Section 13(b)(2) of the Internal Revenue Code shall be treated as a capital interest for purposes of this subchapter under this paragraph.

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