2010 Partner'S Instructions For Schedule K-1 (Form 1065-B) - Department Of The Treasury Page 6
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12Box 1. Taxable Income (Loss)
the forms and schedules you normally
commercially reasonable and on
use.
substantially the same terms as loans
From Passive Activities
involving unrelated persons), the seller of
Note. For rules on the disposition of an
Limited partners only. Any amount
the property, or a person who receives a
entire interest reported using the
reported in box 1 is treated as being from
fee for the partnership’s investment in the
installment method, see the Instructions
a trade or business that is a single
real property.
for Form 8582.
passive activity. Report this amount as
See Pub. 925 for more information on
follows.
qualified nonrecourse financing.
•
If income is reported in box 1, report
Specific Instructions
the income on Schedule E (Form 1040),
Both the partnership and you must
line 28, column (g). However, if the PTP
meet the qualified nonrecourse rules on
box is checked, report the income
this debt before you can include the
Publicly Traded
following the rules for Publicly traded
amount shown next to “Qualified
partnerships on page 5.
Partnership (PTP)
nonrecourse financing” in your at-risk
•
If a loss is reported in box 1, follow the
computation.
If the “publicly traded partnership” box is
Instructions for Form 8582 to figure how
checked, you are a partner in a publicly
See Limitations on Losses,
much of the loss can be reported on
traded partnership (PTP) and must follow
Deductions, and Credits beginning on
Schedule E (Form 1040), line 28, column
the rules under Publicly traded
page 2 for more information on the at-risk
(f). However, if the PTP box is checked,
partnerships discussed above.
limitations.
report the loss following the rules for
Publicly traded partnerships.
Partner’s Share of
Boxes 1 Through 9
Box 2. Taxable Income (Loss)
Liabilities
The amounts shown in boxes 1 through 9
From Other Activities
reflect your share of income, loss,
The partnership will show your share of
This amount is not subject to the passive
deductions, credits, etc., from the
the partnership’s nonrecourse liabilities,
activity limitations. Report the amount as
partnership. These amounts do not take
partnership-level qualified nonrecourse
follows.
into consideration the following
•
financing, and other liabilities as of the
If the amount is income, report it on
limitations.
end of the partnership’s tax year. If you
Schedule E (Form 1040), line 28, column
•
The adjusted basis of your partnership
terminated your interest in the partnership
(j).
interest.
•
during the tax year, the amounts should
If the amount is a loss, report it on
•
The amount for which you are at risk.
reflect the share that existed immediately
Schedule A (Form 1040), line 28.
•
The passive activity limitations.
before the total disposition. A partner’s
Note. If the amount of interest included
“other liability” is any partnership liability
For information on these provisions,
in box 2 includes interest from the credit
for which a partner is personally liable.
see Limitations on Losses, Deductions,
to holders of clean renewable energy
and Credits beginning on page 2.
Use the total of the three amounts for
bonds or Midwestern tax credit bonds, the
computing the adjusted basis of your
partnership will attach a statement to
For individuals, the following
partnership interest.
Schedule K-1 showing your distributive
instructions explain how to report the
share of interest income from these
Generally, you can use only the
amounts shown in the boxes. For all other
credits. Because the basis in your
amounts shown next to “Qualified
entities, report the amounts in the boxes
partnership interest is increased by your
nonrecourse financing” and “Other” to
as instructed on your income tax return.
share of the interest income from these
figure your amount at risk. Do not include
The line numbers in these instructions
credits, you must reduce your bases by
any amounts that are not at risk if such
are references to forms in use for
the same amount to offset the increase.
amounts are included in either of these
calendar year 2010. If you file your tax
See Line 4 of the Worksheet for Adjusting
categories.
return on a calendar year basis, but your
the Basis of a Partner’s Interest in the
If your partnership is engaged in two or
partnership files a return for a fiscal year,
Partnership on page 3.
more different types of activities subject to
enter the amounts shown in the boxes on
the at-risk provisions, or a combination of
Box 3. Qualified Dividends
your tax return for the year in which the
at-risk activities and any other activity, the
partnership’s fiscal year ends. For
Report this amount on lines 9a and 9b of
partnership should give you a statement
example, if the partnership’s tax year
Form 1040.
showing your share of nonrecourse
ends on June 30, 2011, report the
Note. Qualified dividends are excluded
liabilities, partnership-level qualified
amounts in the boxes on your 2011
from investment income, but you can
nonrecourse financing, and other
income tax return.
elect to include part or all of these
liabilities for each activity.
amounts in investment income. See the
If you have losses, deductions, or
Qualified nonrecourse financing.
instructions for line 4g of Form 4952,
credits from a prior year that were not
Qualified nonrecourse financing generally
Investment Interest Expense Deduction,
deductible or usable because of certain
includes financing for which no one is
for important information on making this
limitations, such as the basis rules or the
personally liable for repayment that is
election.
at-risk limitations, take them into account
borrowed for use in an activity of holding
in determining your net income, loss, or
real property and that is loaned or
Box 4a. Net Capital Gain or
credits for this year. However, except for
guaranteed by a federal, state, or local
(Loss) From Passive Activities
passive activity losses and credits, do not
government or borrowed from a
combine the prior-year amounts with any
Limited partners only. The net capital
“qualified” person. Qualified nonrecourse
amounts shown on this Schedule K-1 to
gain (loss) reported in box 4a, is treated
financing secured by real property used in
get a net figure to report on any
as being from a trade or business that is a
an activity of holding real property that is
supporting schedules, statements, or
single passive activity. If a net capital gain
subject to the at-risk rules is treated as an
forms attached to your return. Instead,
is reported in box 4a, report the gain on
amount at risk.
report the amounts separately on the
Schedule D (Form 1040), line 12, column
Qualified persons. Qualified persons
attached schedule, statement, or form on
(f).
include any persons actively and regularly
a year-by-year basis.
engaged in the business of lending
If a loss is reported in box 4a, report it
money, such as a bank or savings and
For amounts other than those shown
following the Form 8582 instructions to
loan association. Qualified persons
on Schedule K-1, enter each item on a
figure how much of the loss can be
generally do not include related parties
separate line of Part II of Schedule E
reported on Schedule D (Form 1040), line
(unless the nonrecourse financing is
(Form 1040).
12, column (f). However, if the PTP box is
-6-
Instructions for Schedule K-1 (1065-B) (2010)
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