IRS Form: Partner’s Instructions for Schedule K-1 (IRC §6031)

Instructions for Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., released Jan. 11 with changes made to reflect a new schedule, box, and code. New Schedule K-3 replaces prior boxes 16 and 20 for certain international items on Schedule K-1. Box 21 replaces information previously provided in box 16 for foreign taxes paid or accrued with respect to basis adjustments and income reconciliation. New code U under line 20 is used to report the total remaining I.R.C. §743(b) adjustment for applicable partners (reported in previous years on line 20, code AH). [Instructions for Schedule K-1 (IRS ...