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 8
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12Code B7. General partner’s alternative
income on Schedule E (Form 1040), line
trade or business that is a single passive
minimum tax adjustment from rental
28, column (g). However, if the PTP box
activity. If a gain is reported, include it on
real estate activities. An AMT
is checked, report the income following
line 4 of the 28% Rate Gain Worksheet in
adjustment must be reported on line 16 of
the rules for Publicly traded partnerships.
of the Instructions for Schedule D (Form
Form 6251. However, if the AMT
1040).
Code B2. General partner’s net capital
adjustment is from a passive activity, it
If a loss is reported, report the loss
gain or (loss) from rental real estate
must be taken into account on line 19 with
following the Instructions for Form 8582 to
activities (for the entire year). The net
other passive activities instead of being
figure how much of the loss can be
capital gain or (loss) from a rental real
reported on line 16.
included on line 4 of the 28% Rate Gain
estate activity is a passive activity amount
Code C1. General partner’s taxable
Worksheet in the Instructions for
unless you were a real estate
income or (loss) from other rental
Schedule D (Form 1040). However, if the
professional and you materially
activities. Income (loss) reported in box
PTP box is checked, report the loss
participated in the activity. If the amount is
9, Code C1, is a passive activity amount
following the rules for Publicly traded
either (a) a loss that is not from a passive
for all general partners. Report a loss
partnerships.
activity or (b) a gain, report it on Schedule
following the Instructions for Form 8582.
Code E. Limited Partner’s 28%
D (Form 1040), line 12.
Report income on Schedule E (Form
Rate Gain or (Loss) From Other
If the amount is a loss from a passive
1040), line 28, column (g). However, if the
Activities
activity, report it following the Instructions
PTP box is checked, report the income
for Form 8582 to figure how much of the
(loss) following the rules for Publicly
The 28% gain or (loss) from other
loss can be reported on Schedule D, line
traded partnerships.
activities is not subject to the passive
12. However, if the PTP box is checked,
activity limitations. Include it on line 4 of
Code C2. General partner’s net capital
report the loss following the rules for
the 28% Rate Gain Worksheet in the
gain or (loss) from other rental
Publicly traded partnerships.
Instructions for Schedule D (Form 1040).
activities. The net capital gain (loss)
Code B3. General partner’s 28% rate
from other rental activities is a passive
Code F. Guaranteed Payments
gain or (loss) from rental real estate
activity amount for all general partners.
Generally, these amounts are not passive
activities. The 28% rate gain or (loss)
Report the gain on Schedule D (Form
income. Report them on Schedule E
from a rental real estate activity is a
1040), line 12. Report a loss following the
(Form 1040), line 28, column (j) (for
passive activity amount unless you were
Instructions for Form 8582 to figure how
example, guaranteed payments for
a real estate professional and you
much of the loss can be reported on
personal services).
materially participated in the activity. If the
Schedule D (Form 1040), line 12.
amount is either (a) a loss that is not from
However, if the PTP box is checked,
Code G. Income From Discharge of
a passive activity or (b) a gain, include it
report the loss following the rules for
Indebtedness
on line 4 of the 28% Rate Gain
Publicly traded partnerships.
The amount reported under Code G is
Worksheet in the Instructions for
Code C3. General partner’s 28% rate
excluded from your gross income to the
Schedule D (Form 1040).
gain or (loss) from other rental
extent provided in section 108 if the
If the amount is a loss from a passive
activities. The 28% rate gain or (loss)
discharge:
activity, report it following the Instructions
from other rental activities is a passive
•
Occurred in a title 11 case relating to
for Form 8582 to figure how much of the
activity amount for all general partners. If
bankruptcy,
loss can be included on line 4 of the 28%
the amount is a gain, include it on line 4
•
Occurred when you were insolvent,
Rate Gain Worksheet in the Instructions
of the 28% Rate Gain Worksheet in the
•
Involved qualified farm indebtedness,
for Schedule D (Form 1040). However, if
Instructions for Schedule D (Form 1040).
as defined in section 108(g), or
the PTP box is checked, report the loss
Report a loss following the Instructions for
•
Involved qualified real property
following the rules for Publicly traded
Form 8582 to figure how much of the loss
business indebtedness, as defined in
partnerships.
can be included on line 4 of the 28% Rate
section 108(c)(3), unless the partner is a
Gain Worksheet in the Instructions for
Code B4. General partner’s general
C corporation.
Schedule D (Form 1040). However, if the
credits from rental real estate
This amount is applied, instead, to
PTP box is checked, report the loss
activities. Report the general credits on
reduce certain tax attributes. File Form
following the rules for Publicly traded
line 1bb of Form 3800. Unless you were a
982, Reduction of Tax Attributes Due to
partnerships.
real estate professional and materially
Discharge of Indebtedness (and Section
participated in the rental real estate
Code C4. General partner’s general
1082 Basis Adjustment), to explain why
activity, you must also report the general
credits from other rental activities.
any amount received from the discharge
credits on Form 3800, Part III as a credit
Report the general credits on line 1bb of
of indebtedness should be excluded and
from a passive activity.
Form 3800, Part III. Because general
to report your reduction of tax attributes.
credits from other rental activities are
Code B5. General partner’s
For a discharge of indebtedness not
passive activity credits for all general
low-income housing credit from rental
described above, you must include this
partners, you must also report the general
real estate activities. Report the
amount in income on line 21 of Form
credits on Form 3800, Part III as a credit
low-income housing credit on line 4 of
1040.
from a passive activity.
Form 8586 for buildings placed in service
Code H. Tax-Exempt Interest
before 2008, and on line 11 of Form 8586
Code C5. General partner’s alternative
Income
for buildings placed in service after 2007.
minimum tax adjustment from other
Unless you were a real estate
rental activities. An AMT adjustment
Report on your income tax return, as an
professional and materially participated in
must be reported on line 16 of Form
item of information, your share of the
the rental real estate activity, the
6251. However, if the AMT adjustment is
tax-exempt interest received or accrued
low-income housing credit is a passive
from a passive activity, it must be taken
by the partnership during the year.
activity credit.
into account on line 19 with adjustments
Individual partners must include this
and preferences from other passive
Code B6. General partner’s
amount on Form 1040, line 8b. Increase
activities instead of being reported on line
rehabilitation credit from rental real
the adjusted basis of your interest in the
16.
estate activities. Report the
partnership by this amount.
rehabilitation credit on line 11m of Form
Code D. Limited Partner’s 28%
Code I. Limited Partner’s
3468, Investment Credit. Unless you were
Rate Gain or (Loss) From Passive
Rehabilitation Credit From Rental
a real estate professional and materially
Activities
Real Estate Activities
participated in the rental real estate
activity, the credit is a passive activity
Limited partners only. The 28% rate
Limited partners only. Report this
credit, and you must also file Form 3800.
gain or (loss) is treated as being from a
amount on line 11m of Form 3468.
-8-
Instructions for Schedule K-1 (1065-B)
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