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 9

Code K9. Reduction in taxes available

Because the credit is treated as being

include income that you determined to be

for credit. Enter this amount on line 12

from a single passive activity, you must

U.S. source income.

of Form 1116.

also file Form 3800.

Codes K4(a) Through K4(c). Foreign

Code L. Oil and Gas Activities

gross income sourced at partnership

Codes J1 and J2. Self-Employment

level. The following types of income

Generally, oil and gas income,

Code J1. Net earnings or (loss) from

have already been sourced for you by the

deductions, credits, and other items are

self-employment. Enter this amount on

partnership. Include these amounts on

included in your distributive share of

Schedule SE (Form 1040), line 2, Section

lines 1a and 3d of the applicable Form

income or loss from passive loss

A or B, whichever is applicable. General

1116 (that is, the Form 1116 for each

limitation activities, general credits, and

partners should reduce this amount by

category of income provided to you).

the alternative minimum tax adjustment.

unreimbursed partnership expenses

•

Code K4(a). Passive category

However, distributive shares of all oil

claimed. General partners who are

foreign source income.

and gas income, deductions, credits, and

disqualified persons also should reduce

•

Code K4(b). General category

other items are separately reported to

this amount by depletion claimed on oil

foreign source income.

partners who are disqualified persons in

and gas properties. If this amount is a

•

Code K4(c). Other foreign source

accordance with the regular partnership

loss, enter only the deductible amount on

income.

rules, here or on an attached statement.

Schedule SE. For purposes of

Code K5. Interest expense allocated

self-employment tax, no income from an

Note. A partner must notify the ELP of

and apportioned at the partner level.

ELP is treated as farming or fishing

its status as a “disqualified person.”

Include this amount on line 4b of the

income.

Codes M1 Through M9.

applicable Forms 1116.

Code J2. Gross nonfarm income.

Miscellaneous

Code K6. Other expenses allocated

Individual partners use this amount to

Code M1. Other tax-exempt income.

and apportioned at the partner level.

figure net earnings from self-employment

Increase the adjusted basis of your

Include this amount on line 2 of the

under the nonfarm optional method on

interest in the partnership by this amount,

applicable Forms 1116.

Schedule SE (Form 1040), Section B,

but do not include it in income on your

Part II.

Note. For Codes K5 and K6, do not

income tax return.

include any expenses allocated and

Codes K1 Through K9. Foreign Tax

Note. The partnership will attach a

apportioned to U.S. source income on

Credit Information

statement to Schedule K-1 for the amount

any line of Part I of Form 1116.

included in Box 9, Code M-1 that is

Use the information reported under

Codes K7(a) Through Codes K7(c).

exempt due to section 892 and describe

Codes K1 through K9 to figure your

Deductions allocated and apportioned

the nature of the income.

foreign tax credit.Caution. Taxpayers

at partnership level to foreign source

filing Form 1116 - If you have any

Code M2. Nondeductible expenses.

income. The following codes report the

qualified dividends, capital gains

Decrease the adjusted basis of your

expenses allocated and apportioned by

(including any capital gain distributions) or

interest in the partnership by this amount.

the partnership to foreign source

capital losses, you may have to make

The nondeductible expenses paid or

categories of income. Include these

certain adjustments to those amounts

incurred by the partnership are not

amounts on line 2 of the applicable Forms

before taking them into account on Form

deductible on your income tax return, but

1116 (that is, the Forms 1116 for each

1116. For more information, see Form

they do affect your basis.

category of income provided to you).

1116, Foreign Tax Credit (Individual,

Code M3. Unrelated business taxable

•

Code K7(a). Deductions allocated

Estate, or Trust) and its instructions; Form

income. The partnership must give you

and apportioned at partnership level to

1118, Foreign Tax Credit — Corporations,

any information you need to figure

passive category foreign source

and its instructions; and Pub. 514,

unrelated business taxable income under

income.

Foreign Tax Credit for Individuals. See

section 512(a)(1) (but excluding any

•

Code K7(b). Deductions allocated

page 4 of the Instructions for Form 1116

modifications required by paragraphs (8)

and apportioned at partnership level to

for detailed instructions for reporting

through (15) of section 512(b)) for a

general category foreign source

foreign tax information from partnerships.

partner that is a tax-exempt organization.

income.

Code K1. Name of foreign country or

•

Reminder. A partner is required to notify

Code K7(c). Deductions allocated

U.S. possession. Include on Form

the partnership of its tax-exempt status.

and apportioned at partnership level to

1116, Part I, item g. For each country

other foreign source income.

Code M4. Health insurance. Include

reported, the partnership must give you

any amounts paid during the tax year for

Code K8(a). Total foreign taxes paid.

the amount and a description of your

insurance that constitutes medical care

Include this amount in Part II of Form

share of the following items for Codes K2

for you, your spouse, your dependents,

1116.

through K9. For each country or

and your children under age 27 who are

possession being reported, a separate

Code K8(b). Total foreign taxes

not dependents on line 29 of your 2011

column in Part I and a separate line in

accrued. Include this amount in Part II of

Form 1040. You may be allowed to

Part II is needed on Form 1116.

Form 1116.

deduct such amounts, even if you do not

Code K2. Gross income from all

itemize deductions. If you do itemize

Note. The partnership will attach a

sources. Enter this amount on line 3e of

deductions, enter on line 1 of Schedule A

statement that separately identifies any

Form 1116.

(Form 1040) any amounts not deducted

arrangement, along with the taxes paid or

on line 29 of Form 1040.

Code K3. Gross income sourced at

accrued in connection with the

partner level. Although all this income

Code M5. Distributions of money (cash

arrangement, in which the partnership

and marketable securities). This

reported has been apportioned to foreign

participates that would qualify as a splitter

source categories of income, you must

arrangement under Section 909 if one or

amount includes the distributions the

nevertheless determine whether the

more partners are covered persons with

partnership made to you of cash and

income being reported is U.S. source

respect to an entity that took into account

certain marketable securities. The

income or foreign source income. See the

related income from the arrangement.

marketable securities are included at their

Instructions for Form 1116 for the rules to

The statement will also indicate whether

fair market value (FMV) on the date of

source the income reported to you. Enter

the partnership has taken into account

distribution (minus your share of the

only foreign source income on lines 1a

any related income from any such splitter

partnership’s gain on the securities

and 3d of Form 1116. A separate Form

arrangement. See section 909 and the

distributed to you). If this amount exceeds

1116 or 1118 is required for each foreign

related regulations for rules regarding

the adjusted basis of your partnership

source category of income. Do not

splitter arrangements.

interest immediately before the

-9-

Instructions for Schedule K-1 (1065-B)

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