Form 8752 ND 2024-2025

Form 8752 ND: What You Should Know

Exceptions for Partnerships and S corporations — IRS An entity that does not make an election under section 7519 that will result in a tax year other than a required tax year, must file a Form 8752. An entity that makes an election and ends the tax year that the election covers is generally obligated to file Form 8752. The exceptions apply when the partnership or S corporation elects to have two taxes (either the partnership or the S corporation) be paid during the tax year (or at a later time) for more than one type of payment or to have a refund of an amount that is in excess of the payment that would have been required if section 7519 was not in effect for such period. Exceptions for Partnerships and S corporations — CCH Interconnect An entity that has elected under section 444 to have a tax year other than a required tax year need not file Form 8752 unless the partnership or S corporation is subject to CCH. See Non-CCH Tax on Partnerships and S corporations for more details. To use the Form 8752, the partnership or S corporation must be classified as a limited liability company. Form 8751, Required Payment or Refund — IRS A partnership and a partner must jointly file Form 8751 if the partnership files a return with a loss that is more than zero and either all the partnership's taxable income in the partnership year and all the partnership's taxable income in such partnership year does not exceed the limitations for a partnership income tax return. The partners can elect to have the partnership pay the full amount of the loss in the partnership year and any amount attributable to taxable income for the partnership year cannot exceed the partnership's partnership tax loss carry back to such partnership year. Once a partnership's partnership tax loss has been determined, the partnership must file Form 8751 each year with the IRS with no later than January 1st of the following year to obtain credits and refunds from the IRS pursuant to section 382 of the Internal Revenue Code. This form must also be filed to recover a late filing penalty. If a partner elects to use Form 8751, and the partnership's partnership tax loss is zero, the partner may reduce or eliminate his or her liability for the Partnership tax loss on subsequent partnership tax returns. The partners then may file a Form 8751 on each separate partnership tax return within the partnership year if the partnership is taxed as a corporation.

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