Form Il-1065, Partnership Replacement Tax Return - 2012 Page 2
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4Step 2: Figure your ordinary income or loss
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1
Ordinary income or loss, or equivalent from federal Schedule K.
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2
2
Net income or loss from all rental real estate activities.
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3
3
Net income or loss from other rental activities.
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4
4
Portfolio income or loss.
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5
5
Net IRC Section 1231 gain or loss.
00
6
All other items of income or loss that were not included in the computation of income or loss on
6
Page 1 of U.S. Form 1065 or 1065-B. See instructions. Identify:
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7
7
Add Lines 1 through 6. This is your ordinary income or loss.
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Step 3: Figure your unmodified base income or loss
8
8
Charitable contributions.
00
9
9
Expense deduction under IRC Section 179.
00
10
10
00
Interest on investment indebtedness.
11
All other items of expense that were not deducted in the computation of ordinary income or loss on
11
Page 1 of U.S. Form 1065 or 1065-B. See instructions. Identify:
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12
12
00
Add Lines 8 through 11.
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13
Subtract Line 12 from Line 7. This amount is your total unmodified base income or loss.
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Step 4: Figure your income or loss
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14
Write your unmodified base income or loss from Line 13.
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15
15
State, municipal, and other interest income excluded from Line 14.
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16
Illinois replacement tax deducted in arriving at Line 14.
00
17
17
Illinois Special Depreciation addition. Attach Form IL-4562.
00
18
18
Related-party expenses addition. Attach Schedule 80/20.
00
19
19
Distributive share of additions. Attach Schedule(s) K-1-P or K-1-T.
00
20
20
Guaranteed payments to partners from U.S. Form 1065 or 1065-B.
00
21
21
The amount of loss distributable to a partner subject to replacement tax. Attach Schedule B
00
.
22
22
Other additions. Attach Illinois Schedule M (for businesses).
00
23
23
Add Lines 14 through 22. This amount is your income or loss.
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Step 5: Figure your base income or loss
24
24
Interest income from U.S. Treasury obligations or other exempt federal obligations.
00
25
25
August 1,1969, valuation limitation amount. Attach Schedule F.
00
26
26
Personal service income or reasonable allowance for compensation of partners.
00
27
27
Share of income distributable to a partner subject to replacement tax. Attach Schedule B.
00
28
Enterprise Zone or River Edge Redevelopment Zone
28
Dividend subtraction. Attach Schedule 1299-A.
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29
29
High Impact Business Dividend subtraction. Attach Schedule 1299-A.
00
30
30
Illinois Special Depreciation subtraction. Attach Form IL-4562.
00
31
31
Related-party expenses subtraction. Attach Schedule 80/20.
00
32
32
Distributive share of subtractions. Attach Schedule(s) K-1-P or K-1-T.
00
33
33
Other subtractions. Attach Schedule M (for businesses).
00
34
34
Total subtractions. Add Lines 24 through 33.
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35
35
Base income or loss. Subtract Line 34 from Line 23.
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Page 2 of 4
IL-1065 (R-12/12)
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Parent category: Financial