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Code N. Credit for increasing research

statement is attached, report this amount on

million or less. To qualify for this exclusion,

activities. Report this amount on line 42 of

line 9 of Form 8864, Biodiesel and

your foreign trading gross receipts from all

Form 6765, Credit for Increasing Research

Renewable Diesel Fuels Credit. If a

sources for the tax year also must have

Activities.

statement is attached, see the instructions

been $5 million or less. If you qualify for the

for Form 8864, line 9.

exclusion, report the exclusion amount in

Code O. New markets credit. Report this

•

Low sulfur diesel fuel production credit

accordance with the instructions for Income

amount on line 2 of Form 8874, New

(Form 8896).

(Loss) on page 6 for box 1, 2, or 3,

Markets Credit.

•

General credits from an electing large

whichever applies. See Form 8873,

Code P. Credit for employer social

partnership. Report these credits on Form

Extraterritorial Income Exclusion, for more

security and Medicare taxes. Report this

3800, line 1y.

information.

amount on line 5 of Form 8846, Credit for

•

Distilled spirits credit (Form 8906).

2. Partnership claimed the exclusion. If

•

Employer Social Security and Medicare

Energy efficient home credit (Form 8908).

the partnership reports your distributive

•

Taxes Paid on Certain Employee Tips.

Alternative motor vehicle credit (Form

share of foreign trading gross receipts but

Code Q. Backup withholding. Credit for

8910).

not the amount of the extraterritorial income

•

backup withholding on dividends, interest

Alternative fuel vehicle refueling property

exclusion, the partnership met the foreign

income, and other types of income. Include

credit (Form 8911).

economic process requirements and

•

the amount the partnership reports to you in

Clean renewable energy bond credit.

claimed the exclusion when figuring your

the total that you enter on Form 1040, line

Report this amount on Form 8912, Clean

distributive share of partnership income.

64.

Renewable Energy Bond Credit and Gulf

You also may need to know the amount of

Bond Credit.

your distributive share of foreign trading

Codes R and S. Recapture of low-income

•

Gulf bond credit. Report this amount on

gross receipts from this partnership to

housing credit. A section 42(j)(5)

Form 8912.

determine if you met the $5 million or less

partnership will report recapture of a

•

Basis in qualifying advanced coal project

exception discussed above for purposes of

low-income housing credit with code R. All

property. The partnership will provide an

qualifying for an extraterritorial income

other partnerships will report recapture of a

attached statement that shows your

exclusion from other sources.

low-income housing credit with code S.

distributive share of the partnership’s (a)

Keep a separate record of recapture from

Note. Upon request, the partnership should

basis in certified and qualified investment in

each of these sources so that you will be

furnish you a copy of the partnership’s Form

integrated gasification combined cycle

able to correctly compute any recapture of

8873 if there is a reduction for international

property placed in service during the tax

low-income housing credit that may result

boycott operations, illegal bribes, kickbacks,

year, and (b) basis in qualified investment in

from the disposition of all or part of your

etc.

other advanced coal project property placed

partnership interest. For more information,

in service during the tax year. Report these

Code Q. Other foreign transactions. On

see Form 8611, Recapture of Low-Income

amounts on lines 4a and 4b of Form 3468,

an attachment to Schedule K-1, the

Housing Credit.

respectively.

partnership will report any other information

Code T. Recapture of investment credit.

•

Basis in qualifying gasification property.

on foreign transactions that you may need

Any information you need to figure your

Report this amount on Form 3468, line 5.

using code Q.

recapture tax on Form 4255, Recapture of

•

Employee retention credits. Report this

Investment Credit. See the Form 3468 on

amount on Form 5884-A, Credits for

which you took the original credit for other

Box 17. Alternative

Employers Affected by Hurricane Katrina,

information you need to complete Form

Rita, or Wilma.

4255.

•

Minimum Tax (AMT) Items

Hurricane Katrina housing credit. Report

You may also need Form 4255 if you

this amount on Form 5884-A.

Use the information reported in box 17 (as

disposed of more than one-third of your

well as your adjustments and tax preference

Code V. Recapture of other credits. On

interest in a partnership.

items from other sources) to prepare your

an attachment to Schedule K-1, the

Code U. Other credits. On an attachment

Form 6251, Alternative Minimum Tax —

partnership will report any information you

to Schedule K-1, the partnership will identify

Individuals; Form 4626, Alternative Minimum

need to figure the recapture of the new

the type of credit and any other information

Tax — Corporations; or Schedule I of Form

markets credit; qualified electric vehicle

you need to figure credits other than those

1041, U.S. Income Tax Return for Estates

credit (see Pub. 535); Indian employment

reported with codes A through T.

and Trusts.

credit (see section 45A(d)); or any credit for

employer-provided childcare facilities and

Credits that may be reported with code U

Note. A partner that is a corporation subject

services.

include the following:

to alternative minimum tax must notify the

•

Nonconventional source fuel credit (Form

partnership of its status.

8907).

Code A. This amount is your share of the

•

Box 16. Foreign

Qualified electric vehicle credit (Form

partnership’s post-1986 depreciation

8834).

adjustment. If you are an individual partner,

•

Transactions

Qualified railroad track maintenance

report this amount on line 17 of Form 6251.

credit (Form 8900).

•

Codes A through N. Use the information

Code B. This amount is your share of the

Unused investment credit from

reported as codes A through N, code Q, and

partnership’s adjusted gain or loss. If you

cooperatives (Form 3468, line 6).

attached schedules to figure your foreign tax

•

are an individual partner, report this amount

Enhanced oil recovery credit (Form 8830).

credit. For more information, see Form

•

on line 16 of Form 6251.

Renewable electricity, refined coal, and

1116, Foreign Tax Credit, and its

Code C. This amount is your share of the

Indian coal production credit. The

instructions; Form 1118, Foreign Tax

partnership’s depletion adjustment. If you

partnership will provide a statement showing

Credit — Corporations, and its instructions;

are an individual partner, report this amount

separately the amount of credit from section

and Pub. 514, Foreign Tax Credit for

on line 9 of Form 6251.

A and section B of Form 8835.

Individuals.

•

Indian employment credit (Form 8845).

Codes D and E. Oil, gas, & geothermal

•

Codes O and P. Extraterritorial income

Orphan drug credit (Form 8820).

properties — gross income and

•

exclusion.

Credit for contributions to selected

deductions. The amounts reported on

community development corporations (Form

1. Partnership did not claim the

these lines include only the gross income

8847).

exclusion. If the partnership reports your

(code D) from, and deductions (code E)

•

Credit for small employer pension plan

distributive share of foreign trading gross

allocable to, oil, gas, and geothermal

startup costs (Form 8881).

receipts (code O) and the extraterritorial

properties that are included in box 1 of

•

Credit for employer-provided childcare

income exclusion (code P), the partnership

Schedule K-1. The partnership should have

facilities and services (Form 8882).

was not entitled to claim the exclusion

attached a schedule that shows any income

•

Biodiesel and renewable diesel fuels

because it did not meet the foreign

from or deductions allocable to such

credit. If this credit includes the small

economic process requirements. You may

properties that are included in boxes 2

agri-biodiesel producer credit, the

still qualify for your distributive share of this

through 13 and in box 20 of Schedule K-1.

partnership will provide additional

exclusion if the partnership’s foreign trading

Use the amounts reported and the amounts

information on an attached statement. If no

gross receipts for the tax year were $5

on the attached schedule to help you figure

-11-

Partner’s Instructions for Schedule K-1 (Form 1065)

Partner'S Instructions For Schedule K-1 (Form 1065) - Partner'S Share Of Income, Deductions, Credits, Etc. (For Partner'S Use Only) - 2005 Page 11

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