Forms 1041, 1065, 1120s, K1

DISTRIBUTIVE SHARES--In a trust/partnership/subchapter S corporation each beneficiary/partner/shareholder must report his or her distributive share of income or loss whether or not it is actually distributed. Generally, the distributive share is determined by the trust instrument, partnership agreement, or shareholding. The underlying asset account is the economic interest of' the payee. The money field could be positive or negative (-).

INTEREST-This is any interest on evidences of' indebtedness (including bonds, debentures, notes, and certificates) issued by a corporation in registered form, or interest on other evidences of indebtedness issued by a corporation of a type offered by corporations to the public. Includes interest on deposits with a bank and amounts paid by a mutual savings bank, savings and loan association, building and loan association, cooperative bank, homestead association, credit union, or similar organization, in respect of deposits, investment certificates, or withdrawable or repurchasable shares. Also interest on amounts held by an insurance company under an agreement to pay interest and interest on deposits with stockbrokers and dealers in securities. Interest payments of $10 or more are reported. The underlying assess account is the bond or deposit generating the interest. The money field is positive.

DIVIDENDS--A distribution of property (usually cash) made by a corporation to its shareholders. Generally the payment is made out of its earnings and profits. The underlying asset account is the stock held. The money field is positive.