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mp131687
Level 2
June 17, 2021
Question

My client has a LLC and does not have Foreign transaction so why was line 16 activted? AA AB AC AD

  • June 17, 2021
  • 1 reply
  • 10 views

My client has a LLC and does not have Foreign transaction so why was line 16 activted? AA AB AC AD

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1 reply

P
PKCPAMST
Level 6
June 17, 2021

 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.

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