Schedule B-1 (Form 1065), Information on Partners Owning 50% or More of the Partnership

In the partnership return of income (Form 1065), Schedule B-1 is used to report certain information about partners that own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership.

This form is required if either of these two questions in Schedule B (Form 1065) are answered Yes:

• Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization, or any foreign government own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership?
• Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership?

In the partnership return in Tax Processors Plus, these questions are here:

• Schedule B
  • Any foreign or domestic corporation, etc. own 50% interest?
  • Any individual or estate own interest of 50% or more?

If either question is answered Yes, enter the required information about the partner.

Additional Information:

IRS: Schedule B-1 instructions