Form Nj-1065 - Schedule L - Complete Liquidation - 2016

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NJ-1065 - 2016

SCHEDULE L

Partnership name as shown on Form NJ-1065

Federal EIN

SCHEDULE L

COMPLETE LIQUIDATION

(Complete this schedule before completing Form NJ-1065 and after Schedule A, if applicable)

Column B

Column C

Column D

Column E

Column A

Column F

Net Gain/Loss from

Amounts Reported by this Partnership on

Gain/Loss from Disposition

Net Addition or

Net Gain/Loss from

Partnership Income

PART I

Partnership Income

Federal Schedule K or in Column C of

of Assets as a Result of a

Subtraction as a Result of

Disposition of Assets

Not from Disposition

Part I of Schedule A

from NJ Sources

Complete Liquidation

a Complete Liquidation

(B plus C)

of Assets (A minus B)

1 Ordinary income (loss) from trade

or business activities

2 Net income (loss) from rental real

estate activities

3 Net income (loss) from other rental

activities

4 Guaranteed payments to partners

5 Interest Income

6 Dividend Income

7 Royalty Income

8 Net gain (loss) from disposition of

property

9 Net IRC section 1231 gain (loss)

10 Other income (loss)

11 Tax exempt interest income

2 Add the amount(s) on Line 8, 9 and 10 in Columns D and E and enter the result on Line 12

o Yes - As of what date: _____/_____/_____

o No

1. Has the partnership and all its partners discontinued all business activities this year?

o Yes - As of what date: _____/_____/_____

o No

2. Have all your assets been distributed to the partners this year?

o Yes

o No

3. Are your partners required to recognize gain or loss on the disposition of their partnership interests for Federal income tax purposes this tax year?

This schedule can only be completed if your partnership can answer yes to all three of the above questions. If you answered yes to all three questions, the applicable dates must be entered.

Lines 1 - 11

Column A:

Follow the instructions for lines 1 through 11 of the NJ-1065 or if you completed Schedule A because you are a Tiered Partnership use the amounts reported in Column C of

Schedule A to complete lines 1 through 11 of Column A of this Schedule.

Column B:

Enter the portion of the amounts reported in Column A on lines 8, 9 and 10 that are applicable to the sale or disposition of its assets as a result of a complete liquidation.

Column C:

Enter any net addition or subtraction that pertains to the sale or disposition of its assets reported in Column B on lines 8, 9 and 10 that are a result of a complete liquidation. Refer to

the Line 13b “Other Additions” and Line 15g “Other Subtractions” instructions listed under the NJ-1065 Line By Line instructions.

Column D:

Enter the sum of the amounts reported in Columns B and C on lines 8, 9, and 10.

Column E:

Enter the portion of the amounts reported in Column D on lines 8, 9 and 10 that are sourced to New Jersey.

The gain or loss from the sale of real and tangible assets located in New Jersey is sourced to New Jersey.

The gain or loss from the sale of motor vehicle equipment is sourced to the state where the vehicle is registered, unless used predominantly in one state.

The gain or loss from the sale of intangibles is allocated using the average of the last three years business allocation used.

Column F:

For each line 1 through 11, subtract the amount reported in Column B from the amount reported in Column A. Enter the differences in Column F of that line and on the corresponding

line on the front of Form NJ-1065.

Line 12

Add the amount(s) on lines 8, 9 and 10 in Column D and E and enter the results on Line 12, Columns D and E. Carry the totals in Column D and E to Line 23, Columns A and B respectively, on

page 2 of Form NJ-1065.