Discussion:Partership penalty - no transactions

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Discussion Forum Index --> Advanced Tax Questions --> Partership penalty - no transactions


Discussion Forum Index --> Tax Questions --> Partership penalty - no transactions

Taxalmancer (talk|edits) said:

28 January 2010
If I remember correctly, I read a post by Riley where he said that a partnership is NOT required to file a partnership return in a year it had no item of income, deduction or credit. I have such an instance, and for the life of me, I can not find the thread that had his post. I did find one where he made a general statement but I'm looking for a post where he cited a specific code section or regulation.

I've searched and searched for that thread and it involved someone here who had a client partnership of more than 10 partners and could not meet the 84-35 exception. Riley pulled a rabbit out of the proverbial hat and cited a section that a partnership return was not required to file a tax return, regardless of the number of partners, in a year where there was no income, expense or credits.

I'm trying to find his post which contained his citation and would appreciate any help.

Trillium (talk|edits) said:

28 January 2010
Reg. 1.6031(a)-1(a)(3).

Searched on [partnership "filing requirement" riley2] and found Discussion:1065 w/32 ptrs non filing as #7 of the 8 search results, in case you would like to know about both results and process...

Taxalmancer (talk|edits) said:

28 January 2010
That's it. Thanks Trillium!

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