IRC 761 Partnerships

include syndicates, groups, pools, joint ventures, or other unincorporated organizations through which business, financial operations, or ventures are carried out.

Certain partnerships under IRC 761 (with the agreement of all their members) may elect to opt out of filing Form 1065, if the income of the members of the organization can adequately be determined without the computation of the partnership taxable income.

IRS' Examination Division will approve the partner's election to be excluded from filing a Form 1065, provided the member's/partner's shares of income can adequately be determined without the computation of a partnership return.

An election is generally requested with the filing of the Partnership's initial return. However, an election via the initial return is not required when all partners agreed (via partnership agreement) to the IRC 761 election and the income of the partners can adequately be determined without the computation of a partnership return.

Partnership applicants that are not required to file Form 1065 under IRC 761 must provide:

A list (name, TIN and type of form filed) identifying those partners from the IRC 761 election statement that are requesting U.S. Residency certification

The name, TIN and type of form filed of any partner, not identified on the original election but currently included in the partnership and requesting a U.S. residency certification, submitted under penalties of perjury

Form 8821 or like statements from all partners authorizing the applicant or third-party to receive their individual tax information

Written authorization from the tax matters partner to receive the Partnership's certification information when the requestor is other than a partner within the partnership during the year for which certification is requested

A current year POP from all current partners, if current year application

A copy of the IRC 761 election or penalties of perjury statement. See (6) below.