A party that's reviewing a title commitment find exceptions that aren't covered by the title insurance policy at schedule b-2.
More about schedule b-2:
In order to give some partnerships with 100 or less partners the option to opt out of the centralised partnership audit regime, Schedule B-2 was developed.
If "Yes," the election is made on Schedule B, line 25 of the main 1065 form. The partnership must meet severe requirements in order to be eligible to elect out.
If "Yes" is selected in response to question 25 on Schedule B, the software will automatically generate the Schedule B-2 using the information entered on the K-1 screens. If data entry is erroneous or suggests the partnership is not qualified to make the election, messages will warn the preparer.
Learn more about schedules here:
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