Partner'S Instructions For Schedule K-1 (Form 1065-B) - Partner'S Share Of Income (Loss) From An Electing Large Partnership (For Partner'S Use Only) - 2007 Page 6
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11installment method, see the Instructions
fee for the partnership’s investment in the
passive activity. Report this amount as
for Form 8582.
real property.
follows.
•
If income is reported in box 1, report
See Pub. 925 for more information on
the income on Schedule E (Form 1040),
qualified nonrecourse financing.
line 28, column (g). However, if the PTP
Specific Instructions
Both the partnership and you must
box is checked, report the income
meet the qualified nonrecourse rules on
following the rules for Publicly traded
this debt before you can include the
Publicly Traded
partnerships on page 5.
•
amount shown next to “Qualified
If a loss is reported in box 1, follow the
Partnership (PTP)
nonrecourse financing” in your at-risk
Instructions for Form 8582 to figure how
computation.
much of the loss can be reported on
If the “publicly traded partnership” box is
See Limitations on Losses,
Schedule E (Form 1040), line 28, column
checked, you are a partner in a publicly
Deductions, and Credits beginning on
(f). However, if the PTP box is checked,
traded partnership (PTP) and must follow
page 2 for more information on the at-risk
report the loss following the rules for
the rules under Publicly traded
limitations.
Publicly traded partnerships.
partnerships discussed above.
Box 2. Taxable Income (Loss)
Boxes 1 Through 9
Partner’s Share of
From Other Activities
The amounts shown in boxes 1 through 9
Liabilities
This amount is not subject to the passive
reflect your share of income, loss,
activity limitations. Report the amount as
The partnership will show your share of
deductions, credits, etc., from the
follows.
the partnership’s nonrecourse liabilities,
partnership. These amounts do not take
•
If the amount is income, report it on
partnership-level qualified nonrecourse
into consideration the following
Schedule E (Form 1040), line 28, column
financing, and other liabilities as of the
limitations.
•
(j).
end of the partnership’s tax year. If you
The adjusted basis of your partnership
•
If the amount is a loss, report it on
terminated your interest in the partnership
interest.
•
Schedule A (Form 1040), line 28.
during the tax year, the amounts should
The amount for which you are at risk.
•
reflect the share that existed immediately
The passive activity limitations.
Box 3. Qualified Dividends
before the total disposition. A partner’s
For information on these provisions,
Report this amount on lines 9a and 9b of
“other liability” is any partnership liability
see Limitations on Losses, Deductions,
Form 1040.
for which a partner is personally liable.
and Credits beginning on page 2.
Note. Qualified dividends are excluded
Use the total of the three amounts for
For individuals, the following
from investment income, but you can
computing the adjusted basis of your
instructions explain how to report the
elect to include part or all of these
partnership interest.
amounts shown in the boxes. For all other
amounts in investment income. See the
entities, report the amounts in the boxes
Generally, you can use only the
instructions for line 4g of Form 4952,
as instructed on your income tax return.
amounts shown next to “Qualified
Investment Interest Expense Deduction,
nonrecourse financing” and “Other” to
for important information on making this
The line numbers in these instructions
figure your amount at risk. Do not include
election.
are references to forms in use for
any amounts that are not at risk if such
calendar year 2007. If you file your tax
Box 4a. Net Capital Gain or
amounts are included in either of these
return on a calendar year basis, but your
(Loss) From Passive Activities
categories.
partnership files a return for a fiscal year,
enter the amounts shown in the boxes on
If your partnership is engaged in two or
Limited partners only. The net capital
your tax return for the year in which the
more different types of activities subject to
gain (loss) reported in box 4a, is treated
partnership’s fiscal year ends. For
the at-risk provisions, or a combination of
as being from a trade or business that is a
example, if the partnership’s tax year
at-risk activities and any other activity, the
single passive activity. If a net capital gain
ends on June 30, 2008, report the
partnership should give you a statement
is reported in box 4a, report the gain on
amounts in the boxes on your 2008
showing your share of nonrecourse
Schedule D (Form 1040), line 12, column
income tax return.
liabilities, partnership-level qualified
(f).
nonrecourse financing, and other
If you have losses, deductions, or
If a loss is reported in box 4a, report it
liabilities for each activity.
credits from a prior year that were not
following the Form 8582 instructions to
deductible or usable because of certain
Qualified nonrecourse financing.
figure how much of the loss can be
limitations, such as the basis rules or the
Qualified nonrecourse financing generally
reported on Schedule D (Form 1040), line
at-risk limitations, take them into account
includes financing for which no one is
12, column (f). However, if the PTP box is
in determining your net income, loss, or
personally liable for repayment that is
checked, report the loss following the
credits for this year. However, except for
borrowed for use in an activity of holding
rules for Publicly traded partnerships.
passive activity losses and credits, do not
real property and that is loaned or
Box 4b. Net Capital Gain or
combine the prior-year amounts with any
guaranteed by a federal, state, or local
(Loss) From Other Activities
amounts shown on this Schedule K-1 to
government or borrowed from a
get a net figure to report on any
“qualified” person. Qualified nonrecourse
Net capital gain or (loss) from other
supporting schedules, statements, or
financing secured by real property used in
activities is not subject to the passive
forms attached to your return. Instead,
an activity of holding real property that is
activity limitations. Report the gain or
report the amounts separately on the
subject to the at-risk rules is treated as an
(loss) on Schedule D (Form 1040), line
attached schedule, statement, or form on
amount at risk.
12, column (f).
a year-by-year basis.
Qualified persons. Qualified persons
Box 5. Net Passive AMT
For amounts other than those shown
include any persons actively and regularly
Adjustment
on Schedule K-1, enter each item on a
engaged in the business of lending
separate line of Part II of Schedule E
money, such as a bank or savings and
Limited partners only. Use this amount
(Form 1040).
loan association. Qualified persons
(as well as your adjustments and tax
generally do not include related parties
preference items from other sources) to
Box 1. Taxable Income (Loss)
(unless the nonrecourse financing is
prepare your Form 6251, Alternative
From Passive Activities
commercially reasonable and on
Minimum Tax — Individuals; Form 4626,
substantially the same terms as loans
Limited partners only. Any amount
Alternative Minimum Tax — Corporations;
involving unrelated persons), the seller of
reported in box 1 is treated as being from
or Schedule I of Form 1041, U.S. Income
the property, or a person who receives a
a trade or business that is a single
Tax Return for Estates and Trusts. The
-6-
ADVERTISEMENT
0 votes
Related Articles
Related forms
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2016
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2001
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2009
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2011
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2004
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2003
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) Draft - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2011
Financial
Partner's Instructions For Schedule K-1 (form 1065-b) - Partner's Share Of Income (loss) From An Electing Large Partnership (for Partner's Use Only) - 2002
Financial
Related Categories
Parent category: Financial