Total Assets, box F on the 1065

When looking at your club tax forms, you might notice box F (titled Total Assets) on the first page of the 1065 is filled in.

This happens if you answer No to the following block question in the tax printer: 

Does the partnership satisfy all four of the following conditions?

a) The partnership's total receipts for the tax year were less than $250,000.

b) The partnership’s total assets at the end of the tax year were less than $1 million.

c) Schedules K-1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return.

d) The partnership is not filing and is not required to file Schedule M-3

 

Most clubs will answer Yes to this question, so it’s possible that when comparing tax forms between one year and the next, you might find some of the forms have this figure filled in, while others do not, depending primarily on the receipts and total assets during the year.

 

If you have clicked NO, and the box is filled in, you might also want to double-check the figure against your own records. The figure in box F should be the total of the Total Cost column from the last valuation statement of the year, plus any cash in the club’s Bank, Broker, or other account(s).