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This version of the form is not currently in use and is provided for reference only. Download this version of
Schedule 80/20
for the current year.
Schedule 80 / 20 Related-Party Expenses - Illinois
What Is Schedule 80/20?
This is a legal form that was released by the Illinois Department of Revenue - a government authority operating within Illinois. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is Schedule 80/20?
A: Schedule 80/20 refers to a specific section of the tax code that deals with related-party expenses.
Q: What are related-party expenses?
A: Related-party expenses are transactions between two parties that have a close relationship, such as family members or businesses under common ownership.
Q: Why is Schedule 80/20 important?
A: Schedule 80/20 is important because it determines the deductibility of related-party expenses for tax purposes.
Q: What does Schedule 80/20 require for deductibility?
A: Schedule 80/20 requires that related-party expenses be incurred for ordinary and necessary business purposes to be deductible.
Q: Does Schedule 80/20 apply to all states?
A: No, Schedule 80/20 is specific to Illinois and may not apply in other states.
Form Details:
- Released on December 1, 2020;
- The latest edition provided by the Illinois Department of Revenue;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Schedule 80/20 by clicking the link below or browse more documents and templates provided by the Illinois Department of Revenue.
Download Schedule 80 / 20 Related-Party Expenses - Illinois
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