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STATE OF ILLINOISCDBG DISASTER RECOVERY “IKE PROGRAM Special Allocation of the Community Development Block Grant (CBG) Program Business Assistance Program (BAP)APPLICATION GUIDEBOOK & FORMS BAP
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What is Special Allocation of the Community Development Block Grant (CDBG) Program Form?

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Instructions for the Special Allocation of the Community Development Block Grant (CDBG) Program form

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Special allocation of form is a document used to allocate income, deductions, credits, or other tax items among partners or members of a partnership or LLC in a way that is different from the partnership's or LLC's ownership percentages.
Partnerships or LLCs that wish to allocate income, deductions, credits, or other tax items in a manner different from the ownership percentages of the partners or members are required to file special allocation of form.
To fill out special allocation of form, partners or members must follow the instructions provided by the IRS or their tax professional, and accurately report the allocated items of income, deductions, credits, etc.
The purpose of special allocation of form is to properly allocate income, deductions, credits, or other tax items among partners or members in a way that reflects the economic arrangement or agreement of the partnership or LLC.
Partners or members must report the allocated items of income, deductions, credits, or other tax items, along with the specific allocation percentages or amounts for each partner or member.
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