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Column (c). Enter the net increase or

In Part III, identify the different types

Instructions for Form 1065 for the tax year

and amounts of the deductions reported

being amended or otherwise adjusted.

net decrease for each line being changed.

on this line.

Use parentheses around all amounts that

Amended Schedules K-1

are decreases. Explain the increase or

Line 15d. Enter credits (other than

File amended Schedules K-1 with Form

decrease in Part III.

credits reported on lines 15a through 15c)

1065X and furnish copies of the amended

related to rental real estate activities.

Column (d). Add the increase in column

Schedules K-1 to the partners. If the

These credits may include any type of

partnership is filing Form 1065X for an

credit listed in Line 15f. Other Credits of

the column (c) decrease from column (b).

AAR, inform the partners receiving the

the Instructions for Form 1065 for the tax

Enter the result in column (d).

amended Schedules K-1 that the

year being amended or otherwise

Line 6. Show any increase or decrease

partnership is filing the AAR. If the

adjusted.

to the ELP’s tax or other payments.

partnership is not subject to the rules for

In Part III, identify the different types

consolidated audit proceedings (TEFRA

Line 10.

and amounts of the rental real estate

proceedings) under sections 6221

ELPs. Enter the line 6 amounts on

credits reported on this line.

through 6234, it must furnish the

line 10.

Line 15e. Enter credits (other than

amended Schedules K-1 to its partners.

credits reported on lines 15a through 15d)

REMICs. Add the amounts on lines 7

The partners must then file their own

related to rental activities. These credits

through 9 and enter the total for each

amended returns.

may include any type of credit listed in

column on line 10.

Line 15f. Other Credits of the Instructions

Part II—Amended or

Line 11. Enter the amount of tax

for Form 1065 for the tax year being

deposited with Form 7004, Application for

Administrative Adjustment

amended or otherwise adjusted.

Automatic Extension of Time To File

Requests (AAR) Items for

In Part III, identify the different types

Certain Business Income Tax,

and amounts of the rental credits reported

Information, and Other Returns.

ELPs and REMICs Only

on this line.

Line 14. Enter the amount from the

Line 15f. Enter credits, except for credits

ELPs only. An ELP may file an AAR to

“Overpayment” line of the original return,

or expenditures shown or listed for lines

adjust its partnership items. Generally,

even if the ELP or REMIC chose to credit

15a through 15e. If any of the credits are

the ELP has two choices for handling the

all or part of this amount to the next year’s

attributable to rental activities, enter them

adjustment.

estimated tax. This amount must be

on line 15d or line 15e as appropriate. For

considered in preparing Form 1065X

1. It may combine the adjustment with

more information on the types of credits

because any refund due from the original

the same partnership item for the year in

listed, see Line 15f. Other Credits in the

return will be refunded separately from

which the IRS allows the adjustment and

Instructions for Form 1065 for the tax year

any additional refund claimed on Form

pass it through to the current partners for

being amended or otherwise adjusted.

1065X. If the original return was changed

that year. However, if the adjustment

In Part III, identify the different types

by the IRS and the result was an

involves the reduction in a credit which

and amounts of credits reported on this

additional overpayment of tax, also

exceeds the amount of that credit for the

line. If any of the credits are subject to

include that amount on line 14.

partnership tax year in which the

recapture, include in Part III the credit

adjustment is allowed, the partnership

Line 16. If the ELP or REMIC does not

recapture information.

must pay tax in an amount equal to the

use electronic fund transfers, including

excess amount.

Line 16m. Use line 16m to show

the Electronic Federal Tax Payment

2. It may elect not to pass the

amendments to total reduction in taxes

System (EFTPS), enclose a check with

adjustment through to current partners by

available for credit. For more information

this form. Make the check payable to the

paying tax on any imputed underpayment

about the reduction in taxes that are

“United States Treasury.”

that results from the adjustment. If the

reported, see Line 16m. Reduction in

Line 17. If the ELP or REMIC is entitled

partnership elects to pay the tax, enter it

Taxes Available for Credit (Code N) in the

to a refund larger than the amount

on Part II, line 16. Attach a computation of

Instructions for Form 1065 for the tax year

claimed on the original return, line 17 will

the tax to Form 1065X.

being amended or otherwise adjusted.

show only the additional amount of

In Part III, identify the different types

overpayment. This additional amount will

In either case, the partnership is liable

and amounts of reductions reported on

be refunded separately from the amount

for any interest and penalties on imputed

this line.

claimed on the original return. The IRS

underpayments that result from the

Line 16n. Use Part III to report

will figure any interest due and include it

adjustment. See section 6242(b) for

amendments to other foreign tax

in the refund.

details. Interest is figured on the imputed

information. For more information about

underpayment for the period beginning on

Amended Schedules K-1 or

the other foreign tax information

the day after the due date (excluding

Schedules Q

associated with this line, see Line 16n.

extensions) of the partnership return for

Other Foreign Tax Information in the

If the ELP or REMIC is filing Form 1065X

the tax year the adjustment takes effect,

Instructions for Form 1065 for the tax year

for an AAR, do not furnish the amended

or, if earlier, the date the partnership paid

being amended or otherwise adjusted.

Schedules K-1 or Schedules Q to the

the tax due under 2 above. The adjusted

Line 17f. Use line 17f to show

partners or residual interest holders. If the

year is the partnership tax year in which

REMIC is not filing for an AAR and is not

amendments to other AMT items that are

the item being adjusted arose.

subject to the rules for consolidated audit

not shown on lines 17a through 17e. For

ELPs and REMICs. Identify in Part II of

proceedings under sections 6221 through

more information about the other AMT

Form 1065X the amount and treatment of

6231, the REMIC must furnish the

items associated with this line, see Line

any item the partnership or REMIC is

amended Schedules Q to its residual

17f. Other AMT Items in the Instructions

changing from the way it was reported on

interest holders.

for Form 1065 for the tax year being

the original return.

amended or otherwise adjusted.

Part III—Explanation of

Column (a). Enter a description of the

In Part III, identify the different types

item that the partnership or REMIC is

and amounts of other AMT items reported

Changes to Items in Part I

adjusting or amending.

on this line.

and Part II

Line 20c. Use Part III to report

Column (b). Enter the amounts from the

amendments to other items and amounts.

ELP’s or REMIC’s return as originally filed

For each amended item, explain in detail

For more information on other items and

or as it was later adjusted. If the return

the reasons for the change. Include any

amounts associated with this line, see

was changed or audited by the IRS, enter

computations necessary to support the

Line 20c. Other Items and Amounts in the

the amounts as adjusted.

amended item.

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Instructions For Form 1065x - Amended Return Or Administrative Adjustment Request (Aar) - 2012 Page 4

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