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Generally, Form 7004 must be filed on or before the due date of the applicable tax return. The due dates of the returns can be found in the instructions for the applicable return and or in the return due date and extended due date tables.

Most business tax returns can be extended by filing Form 7004. You must file it by the original due date of the return. If you need an extension, check with your state taxing authority to see if you need to file one with them as well.

In Colorado, any partnership that's required to file a federal partnership income return must also file a Colorado partnership income tax return if any of the partnership's income comes from Colorado. This can be done online at the Colorado Department of Revenue's website.

Colorado imposes a tax on the income of every Colorado resident individual. Colorado income tax also applies to the Colorado-source income of any nonresident individual.

A partnership or S corporation may file a composite income tax return for its nonresident partners or shareholders, as a simplified way of paying the income tax owed by those partners or shareholders.

Any partnership or S corporation must file a DR 0106 for any year it is doing business in Colorado. A partnership or S corporation is doing business in Colorado whenever it meets the criteria set forth in Rule 39 22-301(1).

Partnerships generally don't pay taxes and use Form 1065 to prepare Schedule K-1s (and Schedule K-3s, where appropriate) to pass-through income and losses to partners. Partnerships must file Form 1065 by the 15th day of the 3rd month following the date its tax year ended.

The general formula is: Adjusted basis = contributions (including increases to the partner's share of liabilities) + taxable income + tax-exempt income ? distributions (including decreases to the partner's share of partnership liabilities) + taxable losses + nondeductible expenses.

A partnership is not a taxable entity; instead, the tax items of the partnership (income, gain, loss, deduction, and credit) are allocated to the partners who take these items into account on their own returns.