Indiana § 6-3-4-10 - Partnership returns

§ 6-3-4-10. Partnership returns

Sec. 10. (a) Except as provided in subsection (b), every partnership doing business in this state, every partnership any partner of which is a resident, and every partnership which has gross income derived from sources within this state, shall make a return for each taxable year on a form to be prescribed by the department, which return shall correspond with the returns required by Section 6031 of the Internal Revenue Code, insofar as consistent with the provisions of this article. However, this section shall not be construed to render any partnership a taxpayer under this article.

(b) A partnership or a corporation that is exempt from income tax under Section 1363 of the Internal Revenue Code is not required to file:

(1) federal income tax Schedule K-1 (Form 1065) Partner's Share of Income, Credits, Deductions, Etc.; or

(2) federal income tax Schedule K-1 (Form 1120S) Shareholder's Share of Income, Credits, Deductions, Etc.;

with an annual return filed with the department. However, a federal income tax schedule described in this subsection must be available for inspection upon request by the department.

Formerly: Acts 1963(ss), c.32, s.410. As amended by P.L.2-1987, SEC.20; P.L.18-1994, SEC.10.