by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Partnerships are flow‑through entities, but certain transactions between a partnership and a partner are treated as if the partner were not a partner. These rules prevent partners from disguising...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com Form 1065 is the information return used by partnerships to report income, deductions, credits, and other tax items. A partnership is a flow‑through entity under IRC §701, meaning the partnership...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com A partnership exists when two or more persons carry on a trade or business and share profits, losses, and responsibilities. For federal tax purposes, the definition is broader than the legal...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com An S corporation is a domestic corporation that elects to be taxed as a pass‑through entity. Under IRC §1363, the S corporation generally pays no federal income tax. Instead, income, deductions,...
by Turquoise Tax Systems | Jun 17, 2026 | Business Tax
100% Free Federal. $14.99 State. Direct IRS E-File. FreeTaxUSA.com A stock redemption occurs when a corporation acquires its own shares from a shareholder in exchange for money or property. Under IRC §302, a redemption is treated either as a sale or exchange or as a...
