Partner'S Instructions For Schedule K-1 (Form 1065-B) - Partner'S Share Of Income (Loss) From An Electing Large Partnership (For Partner'S Use Only) - 2001 Page 5
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10income in column (k). In column (h),
Note: For rules on the disposition of an
person who receives a fee for the
report the remaining Schedule E gain of
entire interest reported using the
partnership’s investment in the real
$3,500 ($8,000 − $4,500). On the
installment method, see the Instructions
property.
appropriate line of Form 4797, report the
for Form 8582.
See Pub. 925 for more information on
prior year unallowed loss of $3,500. Be
qualified nonrecourse financing.
sure to write “From PTP” to the left of
Both the partnership and you must
each entry space.
Specific Instructions
3. If you have an overall loss (but did
meet the qualified nonrecourse rules on
not dispose of your entire interest in the
this debt before you can include the
PTP to an unrelated person in a fully
amount shown next to “Qualified
Publicly Traded
taxable transaction during the year), the
nonrecourse financing” in your at-risk
losses are allowed to the extent of the
computation.
Partnership
income, and the excess loss is carried
See Limitations on Losses,
If the “publicly traded partnership” box is
forward to use in a future year when you
Deductions, and Credits beginning on
checked, you are a partner in a publicly
have income to offset it. Report as a
page 2 for more information on the at-risk
traded partnership and must follow the
passive loss on the schedule or form you
limitations.
rules starting on page 4 under Publicly
normally use the portion of the loss equal
traded partnerships.
to the income. Report the income as
Tax Shelter Registration
passive income on the form or schedule
Partner’s Share of
Number
you normally use.
Liabilities
Example. You have a Schedule E loss
If the partnership is a registration-required
of $12,000 (current year losses plus prior
The partnership will show your share of
tax shelter or has invested in a
year unallowed losses) and a Schedule D
the partnership’s nonrecourse liabilities,
registration-required tax shelter, it should
gain of $7,200. Report the $7,200 gain on
partnership-level qualified nonrecourse
have entered a tax shelter registration
the appropriate line of Schedule D. On
financing, and other liabilities as of the
number in this box. If you claim or report
Schedule E, Part II, report $7,200 of the
end of the partnership’s tax year. If you
any income, loss, deduction, or credit
losses as a passive loss in column (g).
terminated your interest in the partnership
from a tax shelter, you must attach Form
Carry forward to 2002 the unallowed loss
during the tax year, the amounts should
8271, Investor Reporting of Tax Shelter
of $4,800 ($12,000 − $7,200).
reflect the share that existed immediately
Registration Number, to your tax return. If
If you have unallowed losses from
before the total disposition. A partner’s
the partnership has invested in a tax
more than one activity of the PTP or from
“other liability” is any partnership liability
shelter, it must give you a copy of its
the same activity of the PTP that must be
for which a partner is personally liable.
Form 8271 with your Schedule K-1. Use
reported on different forms, you must
the information on this Form 8271 to
Use the total of the three amounts for
allocate the unallowed losses on a pro
complete your Form 8271.
computing the adjusted basis of your
rata basis to figure the amount allowed
partnership interest.
If the partnership itself is a
from each activity or on each form.
registration-required tax shelter, use the
Generally, you may use only the
information on Schedule K-1 (name of the
To allocate and keep a record of
amounts shown next to “Qualified
partnership, partnership identifying
TIP
the unallowed losses, use
nonrecourse financing” and “Other” to
number, and tax shelter registration
Worksheets 4, 5, and 6 of Form
compute your amount at risk. Do not
number) to complete your Form 8271.
8582. List each activity of the PTP in
include any amounts that are not at risk if
Worksheet 4. Enter the overall loss from
such amounts are included in either of
Boxes 1 Through 9
each activity in column (a). Complete
these categories.
column (b) of Worksheet 4 according to
If your partnership is engaged in two or
The amounts shown in boxes 1 through 9
its instructions. Multiply the total
reflect your share of income, loss, credits,
more different types of activities subject to
unallowed loss from the PTP by each
deductions, etc., from the partnership.
the at-risk provisions, or a combination of
ratio in column (b) and enter the result in
These amounts do not take into
at-risk activities and any other activity, the
column (c) of Worksheet 4. Then
consideration the following limitations:
partnership should give you a statement
complete Worksheet 5 if all the loss from
showing your share of nonrecourse
1. The adjusted basis of your
the same activity is to be reported on one
liabilities, partnership-level qualified
partnership interest,
form or schedule. Use Worksheet 6
nonrecourse financing, and other
2. The amount for which you are at
instead of Worksheet 5 if you have more
liabilities for each activity.
risk, or
than one loss to be reported on different
3. The passive activity limitations.
Qualified nonrecourse financing
forms or schedules for the same activity.
secured by real property used in an
Enter the net loss plus any prior year
For information on these provisions,
activity of holding real property that is
unallowed losses in column (a) of
see Limitations on Losses,
subject to the at-risk rules is treated as an
Worksheet 5 (or Worksheet 6 if
Deductions, and Credits beginning on
amount at risk. Qualified nonrecourse
applicable). The losses in column (c) of
page 2.
financing generally includes financing for
Worksheet 5 (column (e) of Worksheet 6)
If you are an individual, the following
which no one is personally liable for
are the allowed losses to report on the
instructions will tell you how to report the
repayment that is borrowed for use in an
forms or schedules. Report both these
amounts shown in the boxes. If you are
activity of holding real property and that is
losses and any income from the PTP on
not an individual, report the amounts in
loaned or guaranteed by a Federal, state,
the forms and schedules you normally
the boxes as instructed on your tax
or local government or borrowed from a
use.
return.
“qualified” person.
4. If you have an overall loss and you
disposed of your entire interest in the PTP
Qualified persons include any persons
The line numbers in these instructions
to an unrelated person in a fully taxable
actively and regularly engaged in the
are references to forms in use for
transaction during the year, your losses
business of lending money, such as a
calendar year 2001. If you file your tax
(including prior year unallowed losses)
bank or savings and loan association.
return on a calendar year basis, but your
allocable to the activity for the year are
Qualified persons generally do not
partnership files a return for a fiscal year,
not limited by the passive loss rules. A
include related parties (unless the
enter the amounts shown in the boxes on
fully taxable transaction is one in which
nonrecourse financing is commercially
your tax return for the year in which the
you recognize all your realized gain or
reasonable and on substantially the same
partnership’s fiscal year ends. For
loss. Report the income and losses on the
terms as loans involving unrelated
example, if the partnership’s tax year
forms and schedules you normally use.
persons), the seller of the property, or a
ends in February 2002, report the
-5-
ADVERTISEMENT
0 votes
Related Articles
Related forms
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2016
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2009
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2007
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2011
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2004
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2003
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) Draft - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2011
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2002
Financial
Related Categories
Parent category: Financial