Instructions For Form 8582 - 2010 Page 13
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13List each activity of the PTP in
taxpayers filing this form is approved
Paperwork Reduction Act Notice.
Worksheet 5. Enter the overall loss
under OMB control number 1545-0074
We ask for the information on this form
from each activity in column (a).
and is included in the estimates shown
to carry out the Internal Revenue laws
Complete column (b) of Worksheet 5
in the instructions for their individual
of the United States. You are required
according to its instructions. Multiply the
income tax return. The estimated
to give us the information. We need it to
total unallowed loss from the PTP by
burden for all other taxpayers who file
ensure that you are complying with
each ratio in column (b) and enter the
this form is shown below.
these laws and to allow us to figure and
result in column (c) of Worksheet 5.
collect the right amount of tax.
Recordkeeping . . . . . . . .
26 min.
Next, complete Worksheet 6 for
You are not required to provide the
each activity listed in Worksheet 5 if all
information requested on a form that is
Learning about the law or
the loss from that activity is reported on
subject to the Paperwork Reduction Act
the form . . . . . . . . . . . . . 1 hr., 43 min.
one form or schedule. Use Worksheet 7
unless the form displays a valid OMB
Preparing the form . . . . . 1 hr., 43 min.
instead of Worksheet 6 for each activity
control number. Books or records
with losses reported on two or more
relating to a form or its instructions
Copying, assembling,
different forms or schedules (or on
must be retained as long as their
and sending the form to
different parts of the same form or
contents may become material in the
the IRS . . . . . . . . . . . . . .
48 min.
schedule). Enter the net loss plus any
administration of any Internal Revenue
prior year unallowed losses in column
If you have comments concerning
law. Generally, tax returns and return
(a) of Worksheet 6 (or Worksheet 7 if
the accuracy of these time estimates or
information are confidential, as required
applicable). The losses in column (c) of
suggestions for making this form
by section 6103.
Worksheet 6 (column (e) of Worksheet
simpler, we would be happy to hear
The time needed to complete and
7) are the allowed losses to report on
from you. See the instructions for the
file this form will vary depending on
your forms or schedules. Report these
tax return with which this form is filed.
individual circumstances. The
losses and any income from the PTP
estimated burden for individual
on the forms and schedules normally
used.
4. If you have an overall loss and
you disposed of your entire interest in
the PTP to an unrelated person in a
fully taxable transaction during the year,
your losses (including prior year
unallowed losses) allocable to the
activity for the year are not limited by
the passive loss rules. A fully taxable
transaction is one in which you
recognize all your realized gain or loss.
Report the income and losses on the
forms and schedules normally used.
For rules on the disposition of an
entire interest reported using the
installment method, see Disposition of
an Entire Interest on page 7.
-13-
Instructions for Form 8582 (2010)
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