2010 Partner'S Instructions For Schedule K-1 (Form 1065-B) - Department Of The Treasury Page 12
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12determination of whether you are required
has not been included in income in the
Schedule P in determining your interest
to disclose a transaction of the
current or prior tax years.
expense deduction under Regulations
partnership is based on the category(s)
2. The partnership’s original issue
section 1.882-5.
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under which the transaction qualifies for
discount (OID) deduction deferred under
The partner’s share of the credit for
disclosure and is determined by the
section 108(i)(2)(A)(i) that has not been
each separate bond credit that was
partnership. See the Instructions for Form
deducted in the current or prior tax years.
reported on the partnership’s Form 8912.
8886 for details.
3. The deferred section 752 amount
Do not add these amounts to your
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Conservation reserve program
that is treated as a distribution of money
income, as they were included in the
payments. Individuals who received social
under section 752 in the current tax year.
income (loss) reported in box 1 or 2. The
security retirement or disability benefits,
4. The deferred section 752 amount
partnership will report the following credits
and are partners in a farm partnership
remaining as of the end of the current tax
separately: Clean renewable energy bond
that receives conservation reserve
year.
credit, Midwestern tax credit bond credit,
program payments, do not pay
5. Any income previously deferred as
new clean renewable energy bond credit,
self-employment tax on their share of the
a result of a section 108(i) election that is
qualified energy conservation bond credit,
conservation reserve payments. The
includible in the current year. See section
qualified forestry conservation bond
partnership will report your share of the
108(i) for events that will cause previously
credit, qualified zone academy bond
conservation reserve program payments
deferred income to be reportable, and a
credit, qualified school construction bond
in box 9 using code U. See Schedule SE
special rule for allocating deferred income
credit, and build America bond credit.
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(Form 1040) for information on excluding
to partners.
Excess farm loss limitation. If the
the payments from your calculation of
6. The current year section 108(i) OID
partnership has deductions attributable to
self-employment tax.
deduction. The partnership will provide
a farming activity, it will provide a
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Gain or loss attributable to the sale or
your distributive share of the partnership’s
statement showing the aggregate gross
exchange of qualified preferred stock of
OID deduction deferred under section
income or gain and the aggregate
the Federal National Mortgage
108(i)(2)(A)(i) that is allowable as a
deductions from the farming activity that
Association (Fannie Mae) and the Federal
deduction in the current tax year under
you need to figure any excess farm loss
Home Loan Mortgage Corporation
section 108(i)(2)(A)(ii) or section
limitation. See section 461(j) for details.
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(Freddie Mac). The partnership will report
108(i)(5)(D)(i) or (ii).
Eligible small business credits. General
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on an attached statement the amount of
The information needed to complete
business credits attributable to an eligible
gain or loss attributable to the sale or
Schedule P (Form 1120-F), List of
small business may be used to offset
exchange of the qualified preferred stock,
Foreign Partner Interests in Partnerships.
tentative minimum tax and qualify for a
the date the stock was acquired by the
When required, the partnership will make
5-year carryback. A partnership is an
partnership, and the date the stock was
this report on an attached statement to
eligible small business if its average
sold or exchanged by the partnership. If
partners that are a corporation (identified
annual gross receipts for the three
the partner is not a financial institution (as
as a foreign partner under Regulations
preceding tax years were $50 million or
defined below), report the gain or loss on
section 1.1446-1(c)(3) or partners that are
less. The partnership must tell you
line 5 or line 12 of Schedule D (Form
a partnership (domestic or foreign) if the
whether it qualifies as an eligible small
1040) in accordance with the instructions
reporting partnership knows, or has
business if it reports any general business
for Schedule D. If a partner is a financial
reason to know, that one or more of the
credits on Schedule K-1. General
institution referred to in section 582(c)(2)
partners is a foreign corporation. If the
business credits are reported using one
or a depositary institution holding
partnership allocates effectively
or more of the following boxes on
company (as defined in section 3(w)(1) of
connected income to the partner, the
Schedule K-1.
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the Federal Deposit Insurance Act), report
statement will contain the information
Box 7.
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the gain or loss in accordance with the
needed to complete lines 1 through 9, 12,
Box 8.
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Instructions for Form 4797 and Rev. Proc.
13, 14b, 16a, 16b, and 17 of Schedule P
Box 9 using code A4, B4, B5, B6, C4,
2008-64, 2008-47 I.R.B. 1195.
(Form 1120-F). If the partnership does not
and I. For more information, see the
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If the partnership made a section 108(i)
allocate effectively connected income to
Instructions for Form 3800.
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election or allocates any section 108(i)
the partner, the statement will contain the
Any other information you may need to
items to its partners, it will provide a
information needed to complete lines
file with your return not shown elsewhere
statement identifying your distributive
12,13, and 17 of Schedule P (Form
on Schedule K-1. The partnership must
share of the following.
1120-F), information that might be
give you a description and the amount of
relevant for purposes of completing
your share for each of these items.
1. The deferred section 108(i)
cancellation of debt (COD) income that
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Instructions for Schedule K-1 (1065-B) (2010)
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