Question

Which item is not reported in the deductions section on page 1 of form 1065

Answer 1

Only trade or business activity deductions are reported.

Following expenses are not reported on line 9 through 20

a) Rental activity expense

b) Non Deductible expenses such as, expenses pertaining to tax exempt income

c) Decutions allowable to portfolio income

d) items the partnership must state seperately that requires seperate computations by the partners such as charitable contiutions, soil and water contribution etc.

e) qualified expenses to which an election under Section 59e may apply