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Printable Form Instructions 8283 Sioux Falls South Dakota: What You Should Know

Partnerships and S corporations. If a partnership or S corporation receives a noncash contribution of 500 or more when your partnership or S corporation is in existence, and for which you are the sole shareholder or employee or the surviving spouse of a deceased employee or shareholder, you must calculate its fair market value using the following formula: 1+income from a related entity of equal amounts over the tax year (2+taxable wages from the partner's or S corporation s paid to its employees and shareholders or (3+taxable income from taxable compensation the partner received from another partner or S corporation) If you made a noncash contribution using a Form 1065, you must attach a statement showing how much of the donation will be allocated to you. A. If I am sole owner for tax year 2001, Form 1065 gives me 500,000, plus 250,000 with the partnership for this tax year. If I don't make another contribution this year, how much of my donation will be allocated to me in 2002? Answer: 0. B. If I am sole owner for tax year 2002, my contribution for the year is 1 million. How much of my donation will be allocated to me? Answer: 0. C. If I am sole owner for tax year 2002, my contribution for the year is 2 million. How much of my donation will be allocated to me? Answer: 5 million. D. If I am sole owner for tax year 2003, my contribution for the year is 3 million. How much of my donation will be allocated to me? Answer: 3 million. E. If I am sole owner for tax year 2004, my contribution for the year is 4 million. How much of my donation will be allocated to me? Answer: 5 million. IF I AM NOT THE SUCCESSOR OF THE SUCCESSOR (OR YOU ARE NOT SURE) In the case of an individual who survives the death of his partner(s), may he take the portion of the noncash gifts that is not allocated to himself under (B), (C), (E) or (F)? Answer: Yes.

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