2010 Partner'S Instructions For Schedule K-1 (Form 1065-B) - Department Of The Treasury Page 3
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12If the publicly traded partnership
must be made by any partner who is
Except for the PTP discussion on
!
!
(PTP) box on Schedule K-1 is
either a:
page 5, the following information
checked, do not report passive
on passive activity limitations
•
CAUTION
CAUTION
General partner or
income (loss) from the partnership on
applies only to general partners.
•
Limited partner who is a disqualified
Form 8582. See page 5 for the special
Generally, passive activities include:
person (as defined on page 2) with
rules for PTPs.
respect to items of income, gain, loss,
1. Trade or business activities in
Corporations. Use Form 8810,
deduction, and credit attributable to
which you did not materially participate
Corporate Passive Activity Loss and
partnership oil and gas properties.
and
Credit Limitations. See the instructions for
2. Activities that meet the definition of
more information.
rental activities under Temporary
In addition, the partnership is required
For limited partners of an ELP, all
Regulations section 1.469-1T(e)(3) and
to provide each general partner and
income, loss, deductions, and credits
Regulations section 1.469-1(e)(3).
disqualified person the information
from trade or business and rental
necessary to comply with the passive
activities generally are reported as being
Passive activities do not include the
activity rules of section 469. Items of
from a trade or business that is a single
following.
income, gain, loss, credit, etc., must be
passive activity.
separately reported to general partners
1. Trade or business activities in
for each trade or business, rental real
However, the determination of
which you materially participated.
whether an activity is a passive activity
estate, and other rental activity.
2. Rental real estate activities in which
you materially participated if you were a
“real estate professional” for the tax year.
You were a real estate professional only if
Worksheet for Adjusting the Basis of a Partner’s
you met both of the following conditions.
Interest in the Partnership
Keep for Your Records
a. More than half of the personal
services you performed in trades or
1. Your adjusted basis at the end of the prior year. Do not enter less
businesses were performed in real
than zero. Enter -0- if this is your first tax year . . . . . . . . . . . . . .
1.
property trades or businesses in which
you materially participated and
Increases:
b. You performed more than 750
2. Money and your adjusted basis in property contributed to the
hours of services in real property trades
2.
partnership less the associated liabilities (but not less than zero) . .
or businesses in which you materially
participated.
3. Your increased share of or assumption of partnership liabilities.
(Subtract your share of liabilities shown on your 2009 Schedule K-1
Note. For a closely held C corporation
from your share of liabilities shown on your 2010 Schedule K-1 and
(defined in section 465(a)(1)(B)), the
add the amount of any partnership liabilities you assumed during
above conditions are treated as met if
the tax year. Do not enter less than zero.) . . . . . . . . . . . . . . . . .
3.
more than 50% of the corporation’s gross
4. Your share of the partnership’s income or gain (including
receipts were from real property trades or
tax-exempt income) reduced by any amount included in interest
businesses in which the corporation
income with respect to the credit to holders of clean renewable
materially participated.
energy bonds, or Midwestern tax credit bonds . . . . . . . . . . . . . .
4.
For purposes of this rule, each interest
5. Any gain recognized this year on contributions of property. Do not
in rental real estate is a separate activity,
include gain from transfer of liabilities . . . . . . . . . . . . . . . . . . . .
5.
unless you elect to treat all interests in
Decreases:
rental real estate as one activity. For
details on making this election, see the
6. Withdrawals and distributions of money and the adjusted basis of
Instructions for Schedule E (Form 1040).
property distributed to you from the partnership. Do not include the
If you are married filing jointly, either
amount of property distributions included in the partner’s income
you or your spouse must separately meet
(taxable income) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
both of the above conditions, without
Caution. A distribution may be taxable if the amount exceeds your
taking into account services performed by
adjusted basis of your partnership interest immediately before the
the other spouse.
distribution.
A real property trade or business is
7. Your decreased share of partnership liabilities and any decrease in
any real property development,
your individual liabilities because they were assumed by the
redevelopment, construction,
partnership. (Subtract your share of liabilities shown on your 2010
reconstruction, acquisition, conversion,
Schedule K-1 from your share of liabilities shown on your 2009
rental, operation, management, leasing,
Schedule K-1 and add the amount of your individual liabilities that
or brokerage trade or business. Services
the partnership assumed during the tax year. Do not enter less
you performed as an employee are not
7.
than zero.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
treated as performed in a real property
8. Your share of the partnership’s nondeductible expenses that are
trade or business unless you owned more
not capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
than 5% of the stock (or more than 5% of
the capital or profits interest) in the
9. Your share of the partnership’s losses and deductions (including
employer.
9.
capital losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Working interests in oil or gas
10. Your adjusted basis in the partnership at the end of this tax year.
wells.
(Add lines 1 through 5 and subtract lines 6 through 9 from the total.
4. The rental of a dwelling unit any
If zero or less, enter -0-.) . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
partner used for personal purposes during
the year for more than the greater of 14
Caution. The deduction for your share of the partnership’s losses
days or 10% of the number of days that
and deductions is limited to your adjusted basis in your partnership
the residence was rented at fair rental
interest. If you entered zero on line 10 and the amount computed
value.
for line 10 was less than zero, a portion of your share of the
5. Activities of trading personal
partnership losses and deductions may not be deductible (see
Basis Rules on page 2 for more information.)
property for the account of owners of
interests in the activities.
-3-
Instructions for Schedule K-1 (1065-B) (2010)
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