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Form 966 for Kansas City Missouri: What You Should Know
B) Information required by this section. The returns required by this section are described as follows: (1) Information return for dissolution of a corporate parent. A corporation must file a Form 966 to report dissolution of a corporation that is a member of the parent. The return shall include an assessment for tax at the rate provided in §1.6043-14(g). (2) Information return for dissolution of a domestic partnership. (a) A domestic partnership must file a Form 966 to report dissolution of a domestic partnership. An information return must be filed if either or both of the following occur: (i) The domestic partnership ceases to exist. Except as provided in paragraph (b) of this section, a partner who ceases to be treated as a partner should not be treated as a partner for any purposes under this or any other IRC provision. (ii) A partnership that survives a dissolution is subject to tax under the partnership agreement (with or without regard to the date of the dissolution). If there is no partnership agreement at the time of the dissolution, notice to partnership by the partner of the termination must be given no later than 60 days after the date the partnership relationship was terminated. Taxpayers who file Forms 966 to deal with their domestic partnership or foreign partnership that survives an application for dissolution have been granted the following relief: (A) Relief against section 6695 (B) Relief against the section 4944 requirement If the domestic partnership and/or international partnership had a domestic tax agreement before the date of the dissolution, relief under the provisions of section 6695 (including the requirement that any excess of gain not subject to tax can be excluded), section 4944, or section 6014, does not apply to relief under this section. (3) Relief against the section 985(a) requirement If: (a) The partnership has a partnership tax return or return on partnership return under section 985; and (b) The partnership has a loss arising from the dissolution or the cessation of the domestic partnership, and the loss exceeds the partnership's income and/or an amount equal to any amount paid or accrued to the partnership. (For information on partnership tax returns/returns, see the Instructions of Form 984.
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