Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: peter michaelson who wrote (2494)	12/14/1999 7:31:00 AM
From: Colin Cody	Read Replies (1) of 5810

Peter, The annualized method is available and is subject to audit verification. You'd need to show how you determined each "quarter's" taxable income if asked. A limited partnership's distribution/allocation of taxable income to you would need to be accomplished "by any reasonable method." Since we are generally a voluntary disclosure tax system, that means it is up to YOU to make this determination (with the help of your tax advisor and the General Partner if desired). The IRS reserves the right to use their own reasonable method, that may differ from the one you choose. Colin

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