Massachusetts Form 1065 (Schedule D) 2024-2025

Massachusetts Form 1065 (Schedule D): What You Should Know

Line 35. Gain On the Sale, Exchange or Involuntary. Includes the following items on Form 8949. • Any gain on the sale, exchange, or involuntary dissolution of an S corporation or a taxable partnership. • Gain on the sale, exchange or involuntary dissolution of a nonresident alien S corporation if the tax on the S corporation is not more than 20%, in which case, the gain must be reported on Form 1040NR. • Gain on the sale, exchange or involuntary dissolution of a nonresident alien partnership if the tax on the partnership is not more than 20%, in which case, all the gain must be reported on Form 1040NR. Do not file this draft Form 8949, Form 8949-EZ or Form 8949-IZ until after the due date for your return Form 1040 or Form 1040NR; Form 6453, Form 6344, Form 6038, or Form 6056 if filing electronically. • Gain on the sale, exchange or involuntary dissolution of an S corporation. For individuals, this tax is assessed at the corporate level at the least of the adjusted basis in the stock or in a partnership interest or at the individual level if the partnership interest is owned at the time of the involuntary dissolution. Note: This tax does not be assessed if only the capital gain is included on Form 8949. • Gain on the sale, exchange, involuntary dissolution of a taxable partnership that is treated as holding taxable income equal to its basis in the partnership interest. However, no gain is included on any basis other than the basis of the partnership interest. • Gain on the sale, exchange or involuntary dissolution of a nonresident alien S corporation for items included on the form 8949 without regard to section 1232. A nonresident alien S corporation may report gain on the involuntary dissolution of partnerships on Form 8949. There is a maximum amount that can be included on a Form 8949 and other forms. • Foreign tax credit for property transferred pursuant to a return filed by a nonresident alien S corporation. If the nonresident alien S corporation was not taxed on the item in its return of income, gain, deduction or credit and, with respect to the amount specified in the return, the amount of the credit was greater than the basis or amount of the property transferred with respect to the item, a foreign tax credit may be allowed. This tax does not need to be included on Form 8949 in order for us to recognize the credit.

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