PKCPAMST
Level 5
06-17-2021
10:46 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Lacerte looks at Screen 7 - Partner Information, Section – Miscellaneous Info, Field - Type of Entity. If the type selected is Corporation, it triggers Line 16 on Form 1065-K-1.
Reason: Under IRC Sec 59A, the base erosion and anti-abuse tax (BEAT) applies to corporations that have average annual gross receipts of $500 million or more for the three tax years. The corporation uses the information provided on Line 16 to compute its average annual gross receipts for Sec 59A purposes.