(1) Every partnership that has Montana source income must file an Annual Montana Partnership Information Return, Form PR-1, on or before the 15th day of the fourth month following the close of its annual accounting period.

(2) See ARM 42.15.201 and 42.15.202 to determine the time for filing a short-period return.

(3) For tax years beginning before January 1, 2003, the partnership must file a Pass-through Entity Extension Form PT-EXT to extend the filing date. For tax years beginning after December 31, 2002, approval of an extension to file the partnership's federal Return of Partnership Income or federal Return of Income for Electing Large Partnerships automatically extends the time for filing the Montana return to the date approved for filing the federal return.

(4) A partnership required to file a Montana partnership information return is subject to a late-filing penalty if:

(a) the Montana partnership information return is not filed by the due date (including extensions) ;

(b) a copy of the partnership's federal partnership return in not filed with the Montana partnership information return; or

(c) a return is filed that does not include all of the following information:

(i) name, address, and social security or federal identification number of each partner;

(ii) the partnership's Montana source income;

(iii) each partner's distributive share of Montana source income, gain, loss, deduction, or credit or items of income, gain, loss, deduction, or credit; and

(iv) each partner's distributive share of income, gain, loss, deduction, or credit, or item of income, gain, loss, deduction, or credit from all sources.