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