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 Page 9

Code K6. Other expenses allocated

this amount by depletion claimed on oil

section 512(a)(1) (but excluding any

and apportioned at the partner level.

and gas properties. If this amount is a

modifications required by paragraphs (8)

Include this amount on line 2 of the

loss, enter only the deductible amount on

through (15) of section 512(b)) for a

applicable Forms 1116.

Schedule SE. For purposes of

partner that is a tax-exempt organization.

self-employment tax, no income from an

Note. For Codes K5 and K6, do not

Reminder. A partner is required to notify

ELP is treated as farming or fishing

include any expenses allocated and

the partnership of its tax-exempt status.

income.

apportioned to U.S. source income on

Code M4. Health insurance. Include

any line of Part I of Form 1116.

Code J2. Gross nonfarm income.

any amounts paid during the tax year for

Individual partners use this amount to

Codes K7(a) Through Codes K7(c).

insurance that constitutes medical care

figure net earnings from self-employment

Deductions allocated and apportioned

for you, your spouse, and your

under the nonfarm optional method on

at partnership level to foreign source

dependents on line 29 of your 2009 Form

Schedule SE (Form 1040), Section B,

income. The following codes report the

1040. You may be allowed to deduct such

Part II.

expenses allocated and apportioned by

amounts, even if you do not itemize

the partnership to foreign source

Codes K1 Through K9. Foreign Tax

deductions. If you do itemize deductions,

categories of income. Include these

enter on line 1 of Schedule A (Form 1040)

Credit Information

amounts on line 2 of the applicable Forms

any amounts not deducted on line 29 of

Use the information reported under

1116 (that is, the Forms 1116 for each

Form 1040.

Codes K1 through K9 to figure your

category of income provided to you).

Code M5. Distributions of money (cash

foreign tax credit. For more information,

•

Code K7(a). Deductions allocated

and marketable securities). This

see Form 1116, Foreign Tax Credit

and apportioned at partnership level to

amount includes the distributions the

(Individual, Estate, or Trust) and its

passive category foreign source

partnership made to you of cash and

instructions; Form 1118, Foreign Tax

income.

certain marketable securities. The

Credit — Corporations, and its

•

Code K7(b). Deductions allocated

marketable securities are included at their

instructions; and Pub. 514, Foreign Tax

and apportioned at partnership level to

fair market value (FMV) on the date of

Credit for Individuals. See page 4 of the

general category foreign source

distribution (minus your share of the

Instructions for Form 1116 for detailed

income.

partnership’s gain on the securities

instructions for reporting foreign tax

•

Code K7(c). Deductions allocated

distributed to you). If this amount exceeds

information from partnerships.

and apportioned at partnership level to

the adjusted basis of your partnership

Code K1. Name of foreign country or

other foreign source income.

interest immediately before the

U.S. possession. Include on Form

Code K8(a). Total foreign taxes paid.

distribution, the excess is treated as gain

1116, Part I, item g. For each country

Include this amount in Part II of Form

from the sale or exchange of your

reported, the partnership must give you

1116.

partnership interest. Generally, this gain

the amount and a description of your

is treated as gain from the sale of a

Code K8(b). Total foreign taxes

share of the following items for Codes K2

capital asset and should be reported on

accrued. Include this amount in Part II of

through K9. For each country or

the Schedule D for your return. However,

Form 1116.

possession being reported, a separate

the gain may be ordinary income. For

Code K9. Reduction in taxes available

column in Part I and a separate line in

details, see Pub. 541.

for credit. Enter this amount on line 12

Part II is needed on Form 1116.

of Form 1116.

The partnership must separately

Code K2. Gross income from all

identify both of the following.

sources. Enter this amount on line 3e of

Code L. Oil and Gas Activities

•

The FMV of the marketable securities

Form 1116.

Generally, oil and gas income,

when distributed (minus your share of the

Code K3. Gross income sourced at

deductions, credits, and other items are

gain on the securities distributed to you).

partner level. Although all this income

•

included in your distributive share of

The partnership’s adjusted basis of

reported has been apportioned to foreign

income or loss from passive loss

those securities immediately before the

source categories of income, you must

limitation activities, general credits, and

distribution.

nevertheless determine whether the

the alternative minimum tax adjustment.

Decrease the adjusted basis of your

income being reported is U.S. source

However, distributive shares of all oil

interest in the partnership (but not below

income or foreign source income. See the

and gas income, deductions, credits, and

zero) by the amount of cash distributed to

Instructions for Form 1116 for the rules to

other items are separately reported to

you and the partnership’s adjusted basis

source the income reported to you. Enter

partners who are disqualified persons in

of the distributed securities. Advances or

only foreign source income on lines 1a

accordance with the regular partnership

drawings of money or property against

and 3d of Form 1116. A separate Form

rules, here or on an attached schedule.

your distributive share are treated as

1116 or 1118 is required for each foreign

Note. A partner must notify the ELP of

current distributions made on the last day

source category of income. Do not

its status as a “disqualified person”.

of the partnership’s tax year.

include income that you determined to be

U.S. source income.

Your basis in the distributed

Codes M1 Through M9.

marketable securities (other than in

Codes K4(a) Through K4(c). Foreign

Miscellaneous

liquidation of your interest) is the smaller

gross income sourced at partnership

Code M1. Other tax-exempt income.

of:

level. The following types of income

•

Increase the adjusted basis of your

The partnership’s adjusted basis in the

have already been sourced for you by the

interest in the partnership by this amount,

securities immediately before the

partnership. Include these amounts on

but do not include it in income on your

distribution increased by any gain

lines 1a and 3d of the applicable Form

income tax return.

recognized on the distribution of the

1116 (that is, the Form 1116 for each

securities or

category of income provided to you).

Code M2. Nondeductible expenses.

•

The adjusted basis of your partnership

Code K4(a). Passive category

Decrease the adjusted basis of your

interest reduced by any cash distributed

foreign source income.

interest in the partnership by this amount.

•

in the same transaction and increased by

Code K4(b). General category

The nondeductible expenses paid or

any gain recognized on the distribution of

foreign source income.

incurred by the partnership are not

•

the securities.

Code K4(c). Other foreign source

deductible on your income tax return, but

income.

they do affect your basis.

If you received the securities in

Code K5. Interest expense allocated

Code M3. Unrelated business taxable

liquidation of your partnership interest,

and apportioned at the partner level.

income. The partnership must give you

your basis in the marketable securities is

Include this amount on line 4b of the

any information you need to figure

equal to the adjusted basis of your

applicable Forms 1116.

unrelated business taxable income under

partnership interest reduced by any cash

-9-

Instructions for Schedule K-1 (1065-B) (2009)

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