The Internal Revenue Service has released draft revisions of the Corporate 1120 and Partnership 1065 tax forms, along with related schedules, for public comment.

The revisions include a new Schedule B for Form 1120 and Schedule C for Form 1065 for tax years ending on or after Dec. 31, 2008. "The draft revisions and new forms will increase transparency about the ownership and relationships between entities that make up complex enterprise business structures," said IRS Large and Mid-Size Business Division Commissioner Frank Y. Ng in a statement.

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