This form centralizes data required for the calculations with respect to amounts from partnerships of which the corporation is a member. As a result, to correctly complete Forms CO 771.2.1.AT, Business Limit Allocated to a Corporation that Is a Designated Member of a Partnership (Jump Code: 77121AT) and CO-771.2.1.2, Income of a Corporation That Is a Member or Designated Member of a Partnership From an Eligible Business Carried On in Canada by the Corporation (Jump Code: 771212), you have to create an entry in Form Information About Partnerships, which enables the calculations in the other forms. The creation of copies of Form CO-771.2.1.2 is linked to the creation of entries in Form Information About Partnerships as in the case of the creation of copies of Form CO-771.2.1.AT when Part 4 of Schedule 7 (Jump Code: 7) is not completed. Note that this form applies to all types of corporations, not just Canadian-Controlled Private Corporations (CCPC), credit unions or cooperatives that are members of partnerships.
Creating entries
There are two methods to create entries in this form:
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When Schedule 7, Aggregate Investment Income and Income Eligible for the Small Business Deduction (Jump Code: 7), is applicable and lines 200, 300 and 310 in Part 4 are completed, an entry is automatically created in Form Information About Partnerships using data on these lines. However, additional data must be manually entered in this entry.
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If Schedule 7 is not applicable or if lines 200, 300 and 310 in Part 4 are not completed, but the corporation is a member of one or more partnerships, an entry can be created in Form Information About Partnerships using the Add button at the top right of the form. Data will then have to be entered manually.
Interactions between Form Information About Partnerships and Form CO-771.2.1.AT
When Form Information About Partnerships is completed and Part 4 of Schedule 7 (Jump Code: 7) is not completed, the following data will be used for the creation of a copy of Form CO-771.2.1.AT:
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the name of partnership;
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the partnership’s federal account number;
As for the following data, it is transferred to Form CO-771.2.1.AT:
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the name of partnership;
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the Québec enterprise number (NEQ);
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the identification number;
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the partnership’s federal account number;
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the end date of the fiscal period;
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the number of days in the partnership’s fiscal period;
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the corporation’s percentage interest in the partnership.
In the situation where Form Information About Partnerships and Part 4 of Schedule 7 are both completed, the following data is transferred to Form CO-771.2.1.AT:
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the Québec enterprise number (NEQ);
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the identification number;
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the end date of the fiscal period;
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the number of days in the partnership’s fiscal period;
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the corporation’s percentage interest in the partnership.
Interactions between Form Information About Partnerships and Form CO-771.2.1.2
When Form Information About Partnerships is completed, the following data will be used for the creation of a copy of Form CO-771.2.1.2:
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the name of partnership;
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the Québec enterprise number (NEQ);
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the identification number;
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the end date of the fiscal period;
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the income (or loss) of the partnership for the fiscal period;
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the corporation’s percentage interest in the partnership;
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the expenses incurred to earn income from a partnership;
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the number of days in the partnership’s fiscal period.
See also