2010 Partner'S Instructions For Schedule K-1 (Form 1065-B) - Department Of The Treasury Page 7
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12Box 9. Other
checked, report the loss following the
for Form 8582 to figure how much of the
rules for Publicly traded partnerships.
loss can be included on line 4 of the 28%
Codes A Through C
Rate Gain Worksheet on page D-8 of the
Box 4b. Net Capital Gain or
Instructions for Schedule D (Form 1040).
General partners in an ELP must
(Loss) From Other Activities
However, if the PTP box is checked,
separately account for any items
report the loss following the rules for
attributable to passive loss limitation
Net capital gain or (loss) from other
Publicly traded partnerships.
activities to the extent necessary to
activities is not subject to the passive
comply with the section 469 passive loss
activity limitations. Report the gain or
Code A4. General partner’s general
rules. Therefore, the partnership is
(loss) on Schedule D (Form 1040), line
credits from trade or business
required to report income or (loss), capital
12, column (f).
activities. Report the general credits on
gain or (loss), 28% rate gain or (loss),
line 1bb of Form 3800. If you did not
Box 5. Net Passive AMT
credits, and the alternative minimum tax
materially participate in the trade or
Adjustment
adjustment separately for all trade or
business activity, you must also include
business activities, rental real estate
the general credits on line 3 of Form
Limited partners only. Use this amount
activities, and rental activities other than
3800.
(as well as your adjustments and tax
rental real estate.
preference items from other sources) to
Code A5. General partner’s alternative
Code A1. General partner’s taxable
prepare your Form 6251, Alternative
minimum tax adjustment from trade or
income (loss) from trade or business
Minimum Tax — Individuals; Form 4626,
business activities. Generally, an AMT
activities. Report Code A1 income
Alternative Minimum Tax — Corporations;
adjustment must be reported on line 16 of
(loss) from partnership trade or business
or Schedule I (Form 1041), Alternative
Form 6251. However, if the AMT
activities in which you materially
Minimum Tax — Estates and Trusts. The
adjustment is from a passive activity, it
participated on Schedule E (Form 1040),
adjustment is treated as being from a
must be taken into account on line 19 with
line 28, column (h) or (j). See the
trade or business that is a single passive
adjustments and preferences from other
instructions to determine whether you
activity.
passive activities.
materially participated in a trade or
Individuals should enter the amount on
business activity.
Code B1. General partner’s taxable
line 19 of Form 6251, where it is taken
income (loss) from rental real estate
Report Code A1 income or (loss) from
into account with adjustments and
activities. Generally, the income or
partnership trade or business activities in
preferences from other passive activities.
(loss) reported in box 9, Code B1, is a
which you did not materially participate as
passive activity amount for all general
follows.
Box 6. Net Other AMT
partners. However, the income or (loss) in
1. Report any income on Schedule E
Adjustment
box 9 is not from a passive activity if you
(Form 1040), line 28, column (g).
were a real estate professional and you
Individual general and limited partners
However, if the PTP box on Schedule K-1
materially participated in the activity.
should enter this amount on line 16 of
is checked, report the income following
Form 6251.
the rules for Publicly traded partnerships.
Use the following instructions to
2. Report a loss following the
determine where to enter the Code B1
Box 7. General Credits
Instructions for Form 8582 to figure how
amount.
Limited partners only. Enter this amount
much of the loss can be reported on
1. If you have a loss from a passive
from box 7 on line 1bb of Form 3800,
Schedule E (Form 1040), line 28, column
activity in box 9, Code B1, and you meet
General Business Credit. Because
(f). However, if the PTP box is checked,
all of the following conditions, enter the
general credits are treated as being from
report the loss following the rules for
loss on Schedule E (Form 1040), line 28,
a trade or business that is a single
Publicly traded partnerships.
column (f).
passive activity, you must also include the
a. You actively participated in the
Code A2. General partner’s net capital
box 7 amount on line 3 of Form 3800.
partnership rental real estate activities.
gain or (loss) from trade or business
If the partnership is an eligible small
See Special allowance for rental real
activities. If you did not materially
business, the general business credits
estate activities on page 4.
participate in the trade or business
you receive from the partnership may be
b. Rental real estate activities with
activity, the net capital gain or (loss) is a
available to offset tentative minimum tax
active participation were your only
passive activity amount. If the amount is
and qualify for a 5-year carryback. See
passive activities.
either (a) a loss that is not from a passive
the attachment for box 9, code U, to find
c. You have no prior year unallowed
activity or (b) a gain, report it on Schedule
out if the partnership is an eligible small
losses from these activities.
D (Form 1040), line 12, column (f).
business. For details, see the Instructions
d. Your total loss from the rental real
If the amount is a loss from a passive
for Form 3800.
estate activities was not more than
activity, report it following the Instructions
$25,000 (not more than $12,500 if
for Form 8582 to figure how much of the
Box 8. Low-Income Housing
married filing separately and you lived
loss can be reported on Schedule D
Credit
apart from your spouse all year).
(Form 1040), line 12, column (f).
e. If you are a married person filing
Limited partners only. Enter the amount
However, if the PTP box is checked,
separately, you lived apart from your
reported in box 8 of Schedule K-1 on line
report the loss following the rules for
spouse all year.
4 of Form 8586, Low-Income Housing
Publicly traded partnerships.
f. You have no current or prior year
Credit. If an amount is reported in box 8,
Code A3. General partner’s 28% rate
unallowed credits from a passive activity.
all of the low-income housing credit is for
gain (loss) from trade or business
g. Your modified adjusted gross
buildings placed in service before 2008. If
activities. If you did not materially
income was not more than $100,000 (not
any of the low-income housing credit is
participate in the trade or business
more than $50,000 if married filing
for buildings placed in service after 2007,
activity, the 28% rate gain or (loss) is a
separately and you lived apart from your
the partnership will enter “STMT” in box 8
passive activity amount. If the amount is
spouse all year).
and attach a statement which lists
either (a) a loss that is not from a passive
separately the amount of the credit for
2. If you have a (loss) from a passive
activity or (b) a gain, include it on line 4 of
buildings placed in service prior to 2008
activity in box 9 and you do not meet all
the 28% Rate Gain Worksheet on page
(reported on line 4 of Form 8586), and the
the conditions in 1 above, report the loss
D-8 of the Instructions for Schedule D
amount for buildings placed in service
following the Instructions for Form 8582 to
(Form 1040).
after 2007 (reported on line 11 of Form
figure how much of the loss you can
8586). See the Instructions for Form 8586
If the amount is a loss from a passive
report on Schedule E (Form 1040), line
for more information.
activity, report it following the Instructions
28, column (f). However, if the PTP box is
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Instructions for Schedule K-1 (1065-B) (2010)
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