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 6
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10amounts in the boxes on your 2002 tax
loss following the rules for Publicly
participated on Schedule E, Part II,
return.
traded partnerships starting on page 4.
column (i) or (k). See the instructions
beginning on page 3 to determine
Box 4—Net Capital Gain (Loss)
If you have losses, deductions, or
whether you materially participated in a
credits from a prior year that were not
From Other Activities
trade or business activity.
deductible or usable because of certain
Net capital gain (loss) from other activities
Report Code A1 income (loss) from
limitations, such as the basis rules or the
is not subject to the passive activity
partnership trade or business activities in
at-risk limitations, take them into account
limitations. Report the gain (loss) on
which you did not materially participate as
in determining your net income, loss, or
Schedule D (Form 1040), line 12, column
follows:
credits for this year. However, except for
(f).
passive activity losses and credits, do not
1. Report income on Schedule E, Part
Box 5—Net Passive AMT
combine the prior-year amounts with any
II, column (h). However, if the publicly
amounts shown on this Schedule K-1 to
Adjustment
traded partnership box on Schedule K-1
get a net figure to report on any
is checked, report the income following
Limited partners only. Use the amount
supporting schedules, statements, or
the rules for Publicly traded
reported in box 5 (as well as your
forms attached to your return. Instead,
partnerships starting on page 4.
adjustments and tax preference items
report the amounts separately on the
2. Report a loss following the
from other sources) to prepare your Form
attached schedule, statement, or form on
Instructions for Form 8582 to figure how
6251, Alternative Minimum Tax —
a year-by-year basis.
much of the loss can be reported on
Individuals; Form 4626, Alternative
Schedule E, Part II, column (g). However,
If you have amounts other than those
Minimum Tax — Corporations; or
if the publicly traded partnership box is
shown on Schedule K-1 to report on
Schedule I of Form 1041, U.S. Income
checked, report the loss following the
Schedule E (Form 1040), enter each item
Tax Return for Estates and Trusts. The
rules for Publicly traded partnerships
on a separate line of Part II of Schedule
adjustment is treated as being from a
starting on page 4.
E.
trade or business that is a single passive
activity.
Code A2 — General partner’s net
Box 1—Taxable Income (Loss)
capital gain (loss) from trade or
Individuals should enter the amount on
From Passive Activities
business activities. If you did not
line 11 of Form 6251, where it is taken
materially participate in the trade or
into account with adjustments and
Limited partners only. The amount
business activity, the net capital gain
preferences from other passive activities.
reported in box 1 is treated as being from
(loss) is a passive activity amount. If the
a trade or business that is a single
Box 6—Net Other AMT
amount is either (a) a loss that is not from
passive activity. Report this amount as
Adjustment
a passive activity or (b) a gain, report it on
follows:
•
Schedule D (Form 1040), line 12, column
Individual general and limited partners
If income is reported in box 1, report
(f). If the amount is a loss from a passive
should enter the amount from box 6 on
the income on Schedule E (Form 1040),
activity, report it following the Instructions
line 14f of Form 6251.
Part II, column (h). However, if the
for Form 8582 to figure how much of the
publicly traded partnership box is
Box 7—General Credits
loss can be reported on Schedule D, line
checked, report the income following the
Limited partners only. Enter the amount
12, column (f). However, if the publicly
rules for Publicly traded partnerships
from box 7 on line 1p of Form 3800,
traded partnership box is checked, report
starting on page 4.
•
General Business Credit. Because
the loss following the rules for Publicly
If a loss is reported in box 1, follow the
general credits are treated as being from
traded partnerships starting on page 4.
Instructions for Form 8582 to figure how
a trade or business that is a single
much of the loss can be reported on
Code A3 — General partner’s 28% rate
passive activity, you must also include the
Schedule E, Part II, column (g). However,
gain (loss) from trade or business
box 7 amount on line 3 of Form 3800.
if the publicly traded partnership box is
activities. If you did not materially
checked, report the loss following the
participate in the trade or business
Box 8—Low-Income Housing
rules for Publicly traded partnerships
activity, the 28% rate gain (loss) is a
Credit
starting on page 4.
passive activity amount. If the amount is
Limited partners only. Enter the amount
either (a) a loss that is not from a passive
Box 2—Taxable Income (Loss)
from box 8 on line 5 of Form 8586,
activity or (b) a gain, report it on Schedule
Low-Income Housing Credit. This credit is
From Other Activities
D (Form 1040), line 12, column (g). If the
for property placed in service after 1989
amount is a loss from a passive activity,
The amount reported in box 2 is your
and is treated as being from a single
report it following the Instructions for
share of the income from other activities.
passive activity.
Form 8582 to figure how much of the loss
It is not subject to the passive activity
can be reported on Schedule D, line 12,
Box 9—Other
limitations. Report the amount in box 2 as
column (g). However, if the publicly
follows:
•
Codes A Through C
traded partnership box is checked, report
If the amount in box 2 is income, report
the loss following the rules for Publicly
it on Schedule E, Part II, column (k).
General partners in an electing large
•
traded partnerships starting on page 4.
If the amount in box 2 is a loss, report it
partnership must separately account for
on Schedule E, Part II, column (i).
Code A4 — General partner’s general
any items attributable to passive loss
credits from trade or business
limitation activities to the extent
Box 3—Net Capital Gain (Loss)
activities. Report the general credits on
necessary to comply with the section 469
From Passive Activities
line 1p of Form 3800. If you did not
passive loss rules. Therefore, the
materially participate in the trade or
partnership is required to report income
Limited partners only. The net capital
business activity, you must also include
(loss), capital gain (loss), 28% rate gain
gain (loss) reported in box 3 is treated as
the general credits on line 3 of Form
(loss), credits, and the alternative
being from a trade or business that is a
3800.
minimum tax adjustment separately for all
single passive activity. If a net capital gain
trade or business activities, rental real
is reported in box 3, report the gain on
Code A5 — General partner’s
estate activities, and rental activities other
Schedule D (Form 1040), line 12, column
nonconventional source fuel credit
than rental real estate.
(f). If a loss is reported in box 3, report the
from trade or business activities.
loss following the Form 8582 instructions
Code A1 — General partner’s taxable
Report the credit for producing fuel from a
to figure how much of the loss can be
income (loss) from trade or business
nonconventional source on line 51 of
reported on Schedule D, line 12, column
activities. Report Code A1 income (loss)
Form 1040 or line 6c of Schedule J, Form
(f). However, if the publicly traded
from partnership trade or business
1120. If you did not materially participate
partnership box is checked, report the
activities in which you materially
in the trade or business activity, the
-6-
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