Law Firm (partnership)
Report your spouse’s law firm partnership in Part 5.
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#
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Description
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EIF
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Value
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Income Type
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Income Amount
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1
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Faraday, Maxwell & Franklin (law firm)
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N/A
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partnership share
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2
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Faraday, Maxwell & Franklin, capital account
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N/A
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$50,001 - $100,000
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None (or less than $201)
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For Your Spouse
Part 5
Report a law firm partnership interest of your spouse if its value was more than $1,000 at the end of the reporting period or if your spouse received more than $1,000 in earned income during the reporting period (or more than $200 in interest, dividends, capital gains, rent, or royalties).
If Your Spouse Has Received a Partnership Share
Description: Provide the name of the law firm. You should also indicate that the entity is a law firm, unless you have already provided this information in another entry.
EIF: Select “N/A.”
Income Type: Describe the type of income as “partnership share.”
Capital Account
Description: Provide the name of the law firm and write “capital account.” You should also indicate that the entity is a law firm, unless you have already provided this information in another entry.
EIF: Select “N/A.”
Value: Select the category that corresponds to the value of the capital account.
Income Type: Specify the type(s) of income if the total amount of income during the reporting period exceeded $200. The type of income is usually “interest” for capital accounts.
Income Amount: Select the category that corresponds to the total amount of income received during the reporting period.
Other Interests
Business Assets and Liabilities: You need not itemize the assets of the law firm in Part 5. Disclosing the law firm itself is normally sufficient. As an exception to this rule, you would report any assets that are unrelated to the operations of the law firm. Report any liabilities for which your spouse is personally liable in Part 8.
Compensation and Other Benefits: In addition to partnership income, report any additional compensation and other benefits. Report these as separate line entries using the instructions for that type of asset or income. For example, various sections of this guide address severance payments, bonuses, deferred compensation, defined benefit plans, defined contribution plans, and other items.
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