What’s New

Schedule K-3, Part IV, Section 1. The One Big Beautiful Bill Act (P.L. 119-21) amended section 250 in part by adding to the list of gross income items that are excluded in determining deduction eligible income (DEI). The added exclusion relates to income and gain from the sale or other disposition of intangible property (as defined in section 367(d)(4)), and any other property of a type that is subject to depreciation, amortization, or depletion by the seller. These amendments apply to sales or other dispositions occurring after June 16, 2025.

Schedule K-3, Part X, Section 1. Lines 15 and 16 have been revised to allow partnerships to specify other types of gain and amounts. Lines 19 and 20 have been revised to allow partnerships to specify other types of income and amounts.