Form Pa-20s/pa-65 Schedule Rk-1 And Nrk-1 - Resident And Nonresident Schedules Of Pa S Shareholder/partnership/beneficiary Pass Through Income, Loss And Credits - 2006 Page 10
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16Line 13. Distribution of Cash, Marketable Securities, and Property
Enter the shareholder’s share of such distributions. Nontaxable distributions reduce the
nonresident’s economic investment.
NOTE: The PA S corporation should not include distributions to nonresident shareholders
from its PA C corporation earnings and profits as taxable income.
PART VI. MEMBER/PARTNER/SHAREHOLDER ECONOMIC INVESTMENT
Line 14. Nontaxable income or nondeductible expenses required to calculate member or
partner economic investment (submit supplemental statement)
The owners need this information in order to determine their personal PA basis in the entity,
taking into consideration the PA Tax Benefit Rules and distributions that may exceed their
economic investment. If reporting a loss, fill in the oval.
PART VII. SUPPLEMENTAL INFORMATION
The owners need this information in order to determine their personal PA-only basis in the entity,
taking into consideration the PA Tax Benefit Rules and distributions that may exceed their
ownership interests.
Line 15. Member’s share of IRC Section 179 allowed according to PA rules (PA
Apportioned Amount Only)
Enter the member’s share of IRC Section 179 Depreciation expense. Each entity and individual
taxpayer is limited to $25,000 of IRC Section 179 Depreciation expense.
Line 16. Member’s share of Straight Line Depreciation (PA Apportioned Amount Only)
Enter the member’s share of the entity’s total expense. In years in which the entity incurs a loss
and the partner or shareholder is not able to use the entire loss, the PA Tax Benefit Rule requires
them to reduce their basis in the entity by their share of Straight Line Depreciation. Therefore,
assets which accelerated depreciation has been calculated must be recalculated using Straight
Line Depreciation in order to calculate PA basis, as required by the PA Tax Benefit Rule.
Line 17. Partner’s share of nonrecourse liabilities at year-end
Enter the partner’s share of nonrecourse liabilities at year end.
Line 18. Partner’s share of recourse liabilities at year-end
Enter the partner’s share of recourse liabilities at year end.
NOTE: Lines 15 through 18 are for information purposes only.
______________________________________________________________________
113
2006 - PA-20S/PA-65
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