Partner'S Instructions For Schedule K-1 (Form 1065-B) - Partner'S Share Of Income (Loss) From An Electing Large Partnership - 2006 Page 6
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reflect the share that existed immediately
Reporting of Tax Shelter Registration
If income is reported in box 1, report
before the total disposition. A partner’s
Number, to your tax return.
the income on Schedule E (Form 1040),
“other liability” is any partnership liability
line 28, column (g). However, if the PTP
A partnership that has invested in a tax
for which a partner is personally liable.
box is checked, report the income
shelter must provide you with a copy of its
following the rules for Publicly traded
Use the total of the three amounts for
Form 8271 with your Schedule K-1. Use
partnerships on page 5.
computing the adjusted basis of your
the information on this Form 8271 to
•
If a loss is reported in box 1, follow the
partnership interest.
complete your Form 8271. If the
Instructions for Form 8582 to figure how
partnership itself is a registration-required
Generally, you can use only the
much of the loss can be reported on
tax shelter, use the information on
amounts shown next to “Qualified
Schedule E (Form 1040), line 28, column
Schedule K-1 (that is, name of the
nonrecourse financing” and “Other” to
(f). However, if the PTP box is checked,
partnership, partnership identifying
compute your amount at risk. Do not
report the loss following the rules for
number, and tax shelter registration
include any amounts that are not at risk if
Publicly traded partnerships.
number) to complete your Form 8271.
such amounts are included in either of
these categories.
Box 2. Taxable Income (Loss)
Boxes 1 Through 9
From Other Activities
If your partnership is engaged in two or
The amounts shown in boxes 1 through 9
more different types of activities subject to
This amount is not subject to the passive
reflect your share of income, loss,
the at-risk provisions, or a combination of
activity limitations. Report the amount as
deductions, credits, etc., from the
at-risk activities and any other activity, the
follows.
partnership. These amounts do not take
•
partnership should give you a statement
If the amount is income, report it on
into consideration the following
showing your share of nonrecourse
Schedule E (Form 1040), line 28, column
limitations.
liabilities, partnership-level qualified
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(j).
The adjusted basis of your partnership
•
nonrecourse financing, and other
If the amount is a loss, report it on
interest.
liabilities for each activity.
•
Schedule A (Form 1040), line 27.
The amount for which you are at risk.
Qualified nonrecourse financing.
•
The passive activity limitations.
Box 3. Qualified Dividends
Qualified nonrecourse financing generally
For information on these provisions,
includes financing for which no one is
Report this amount on lines 9a and 9b of
see Limitations on Losses, Deductions,
personally liable for repayment that is
Form 1040.
and Credits beginning on page 2.
borrowed for use in an activity of holding
Note. Qualified dividends are excluded
real property and that is loaned or
For individuals, the following
from investment income, but you can
guaranteed by a federal, state, or local
instructions explain how to report the
elect to include part or all of these
government or borrowed from a
amounts shown in the boxes. For all other
amounts in investment income. See the
“qualified” person. Qualified nonrecourse
entities, report the amounts in the boxes
instructions for line 4g of Form 4952,
financing secured by real property used in
as instructed on your income tax return.
Investment Interest Expense Deduction,
an activity of holding real property that is
The line numbers in these instructions
for important information on making this
subject to the at-risk rules is treated as an
are references to forms in use for
election.
amount at risk.
calendar year 2006. If you file your tax
Box 4a. Net Capital Gain or
Qualified persons. Qualified persons
return on a calendar year basis, but your
include any persons actively and regularly
partnership files a return for a fiscal year,
(Loss) From Passive Activities
engaged in the business of lending
enter the amounts shown in the boxes on
Limited partners only. The net capital
money, such as a bank or savings and
your tax return for the year in which the
gain (loss) reported in box 4a, is treated
loan association. Qualified persons
partnership’s fiscal year ends. For
as being from a trade or business that is a
generally do not include related parties
example, if the partnership’s tax year
single passive activity. If a net capital gain
(unless the nonrecourse financing is
ends on June 30, 2007, report the
is reported in box 4a, report the gain on
commercially reasonable and on
amounts in the boxes on your 2007
Schedule D (Form 1040), line 12, column
substantially the same terms as loans
income tax return.
(f).
involving unrelated persons), the seller of
If you have losses, deductions, or
the property, or a person who receives a
If a loss is reported in box 4a, report it
credits from a prior year that were not
fee for the partnership’s investment in the
following the Form 8582 instructions to
deductible or usable because of certain
real property.
figure how much of the loss can be
limitations, such as the basis rules or the
reported on Schedule D (Form 1040), line
at-risk limitations, take them into account
See Pub. 925 for more information on
12, column (f). However, if the PTP box is
qualified nonrecourse financing.
in determining your net income, loss, or
checked, report the loss following the
credits for this year. However, except for
Both the partnership and you must
rules for Publicly traded partnerships.
passive activity losses and credits, do not
meet the qualified nonrecourse rules on
combine the prior-year amounts with any
this debt before you can include the
Box 4b. Net Capital Gain or
amounts shown on this Schedule K-1 to
amount shown next to “Qualified
(Loss) From Other Activities
get a net figure to report on any
nonrecourse financing” in your at-risk
supporting schedules, statements, or
Net capital gain or (loss) from other
computation.
forms attached to your return. Instead,
activities is not subject to the passive
See Limitations on Losses,
report the amounts separately on the
activity limitations. Report the gain or
Deductions, and Credits beginning on
attached schedule, statement, or form on
(loss) on Schedule D (Form 1040), line
page 2 for more information on the at-risk
a year-by-year basis.
12, column (f).
limitations.
For amounts other than those shown
Box 5. Net Passive AMT
on Schedule K-1, enter each item on a
Tax Shelter Registration
Adjustment
separate line of Part II of Schedule E
Number
(Form 1040).
Limited partners only. Use this amount
A partnership that is a
(as well as your adjustments and tax
Box 1. Taxable Income (Loss)
registration-required tax shelter or has
preference items from other sources) to
From Passive Activities
invested in a registration-required tax
prepare your Form 6251, Alternative
shelter, should have entered a tax shelter
Limited partners only. Any amount
Minimum Tax — Individuals; Form 4626,
registration number in this box. If you
reported in box 1 is treated as being from
Alternative Minimum Tax — Corporations;
claim or report any income, loss,
a trade or business that is a single
or Schedule I of Form 1041, U.S. Income
deduction, or credit from a tax shelter,
passive activity. Report this amount as
Tax Return for Estates and Trusts. The
you must attach Form 8271, Investor
follows.
adjustment is treated as being from a
-6-
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