Form 1065 - U.S. Return of Partnership Income (2006)

Sep 19, 2026

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U.S. Form 1065 (2006) is the federal return used to report partnership income for a calendar year or tax year. It collects partner and business identification, start date, accounting method, total assets, and checks for return type changes and schedules. The form calculates income and deductions across multiple line items, including gross receipts, cost of goods sold, ordinary income, and qualified deduction categories, then determines ordinary business income (loss). It also includes Cost of Goods Sold section guidance, inventory computations, and signature and preparer information, with compliance notes and attachments requirements.

LanguageEnglish

CategoryForms

FormatPDF

Pages4

Reading Time2 min

AccessFree to download

General information

Partnership and accounting details

Income and deductions

Income section

Deductions section

Ordinary business income

Cost of Goods Sold

Inventory and cost calculations

Valuation methods and additional notes

Signature and preparer information

Form 1065 Department of the Treasury Internal Revenue Service | A Principal business activity | | --- | | B Principal product or service | | C Business code number | U.S . Return of Partnership Income For calendar year 2006, or tax year beginning , 2006, ending , 20 . © See separate instructions. OMB No. 1545-0099 2006 | Name of partnership | D | Employer identification number | | | --- | --- | --- | --- | | Number, street, and room or suite [no. If a P.O. box](no. If a P.O. box), see the instructions. | E | Date business started | | | City or town, state, and ZIP code | F
$ | Total assets (see the instructions) | | Use the IRS label. Otherwise, print or type. G Check applicable boxes: (1) Initial return (2) Final return (3) Name change (4) Address change (5) Amended return H Check accounting method: (1) Cash (2) Accrual (3) Other (specify) © I Number of Schedules K-1 . Attach one for each person who was a partner at any time during the tax year © J Check if Schedule M-3 required (attach Schedule M-3) Caution. Include only trade or business income and expenses on lines 1a through 22 below. See the instructions for more information. | Income | 1a Gross receipts or sales b Less returns and allowances | | | | | 1a 1b | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | 1c | | | | | | | | | | | | | | | | | | 2 | | | | | | | 2 Cost of goods sold (Schedule A, line 8)
3 Gross profit. Subtract line 2 from line 1c
4 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement)
5 Net farm profit (loss) (attach Schedule F (Form 1040))
6 Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797)
7 Other income (loss) (attach statement)
8 Total income (loss). Combine lines 3 through 7 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3 | | | | | | | | | | | | | | | | | | 4 | | | | | | | | | | | | | | | | | | 5 | | | | | | | | | | | | | | | | | | 6 | | | | | | | | | | | | | | | | | | 7 | | | | | | | | | | | | | | | | | | 8 | | | | | | Deductions (see the instructions for limitations) | 9 Salaries and wages (other than to partners) (less employment credits)
10 Guaranteed payments to partners
11 Repairs and maintenance
12 Bad debts
13 Rent
14 Taxes and licenses
15 Interest
16a Depreciation (if required, attach Form 4562) b Less depreciation reported on Schedule A and elsewhere on return
16a 16b
17 Depletion (Do not deduct oil and gas depletion.)
18 Retirement plans, etc.
19 Employee benefit programs
20 Other deductions (attach statement)
21 Total deductions. Add the amounts shown in the far right column for lines 9 through 20 | | | | | | | | | | | 9 | | | | | | | | | | | | | | | | | | 10 | | | | | | | | | | | | | | | | | | 11 | | | | | | | | | | | | | | | | | | 12 | | | | | | | | | | | | | | | | | | 13 | | | | | | | | | | | | | | | | | | 14 | | | | | | | | | | | | | | | | | | 15 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16c | | | | | | | | | | | | | | | | | | 17 | | | | | | | | | | | | | | | | | | 18 | | | | | | | | | | | | | | | | | | 19 | | | | | | | | | | | | | | | | | | 20 | | | | | | | | | | | | | | | | | | 21 | | | | | | 22 Ordinary business income (loss). Subtract line 21 from line 8
23 Credit for federal telephone excise tax paid (attach Form 8913) | | | | | | | | | | | | 22 | | | | | | | | | | | | | | | | | | 23 | | | | | | Sign
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FAQs

How is cost of goods sold calculated on the form?

The Cost of Goods Sold section computes totals from beginning inventory, purchases, labor, additional section 263A costs, and other costs, then subtracts ending inventory to arrive at the cost of goods sold amount used on page 1.

Sep 19, 2026

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