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 6
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16PART VI. NONTAXABLE PA S CORPORATION INCOME (LOSS)
Line 16. Nontaxable income or nondeductible expenses required to calculate member or
partner basis (submit supplemental statement)
Submit a supplemental statement and provide a breakdown of all non-taxable income earned and
all non-deductible expenses not taken. This will help determine the taxpayer’s basis.
PART VII. Supplemental Information
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
ownership interests.
Line 17. Member’s share of IRC Section 179 allowed according to PA rules
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 18. Member’s share of Straight-Line Depreciation
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 for must be recalculated using
Straight Line Depreciation in order to calculate PA basis, as required by the PA Tax Benefit Rule.
Refer to the
PA PIT Guide, Chapter 16
for more information on the PA Tax Benefit Rule.
Line 19. Partner’s share of nonrecourse liabilities at year end
Enter the partner’s share of nonrecourse liabilities at year end.
Line 20. Partner’s share of recourse liabilities at year end
Enter the partner’s share of recourse liabilities at year end.
NOTE: Lines 17 through 20 are for information purposes only.
PA-20S/PA-65 Schedule NRK-1 (Nonresident) - Line Instructions
NOTE: The PA-20S/PA-65 Schedule NRK-1 does not need to be issued to the corporate
partners, unless a credit from the PA-20S/PA-65 Schedule OC has been allocated. Partnerships
must submit a
PA-20S/PA-65 Schedule NRK-1
with their
PA-20S/PA-65 Information Return.
PART I. GENERAL INFORMATION
Complete all the identification information for the nonresident shareholder or partner.
______________________________________________________________________
109
2006 - PA-20S/PA-65
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