Schedule K-1 (Forms 1065 and 1120S)

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The IRS has redesigned Schedule K-1 for partnerships and s-corporations for the 2004 tax year. All partner/shareholder information is now reported on page one with supporting statements and attachments as needed. Page two is a reference list of codes used on Schedule K-1 and provides summarized reporting information for partners who file Form 1040. Remember to give each partner/shareholder a list of codes for proper preparation of their individual return. Refer to the Schedule K and Schedule K-1 instructions for more guidance on reporting requirements.

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