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Schedule 3K-1 shows each partners share of the partnerships income, deductions, credits, etc., which have been sum- marized on Schedule 3K. Like Schedule 3K, Schedule 3K-1 requires an entry for the federal amount, adjustment, and amount determined under Wisconsin law of each applicable item.
Form 3 and Schedule 3K-1 isolate income and deduction items in order to produce the correct Massachusetts partnership total as well as each partners correct Massachusetts distributive share.
An electing partnership must provide a supplemental statement with each partners Schedule 3K-1 detailing the items of income, gain, loss, deduction, and tax paid as a result of the election that are included on the electing partnerships Schedule 3-ET.