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Instructions Informative Return - Special Partnership

Line 1 - Net long-term gain (or loss) on sale or exchange of

PART I – PARTNER’S INFORMATION

capital assets

Indicate on lines A through H, the information that describes what

Enter on this line the partner's distributable share on the gain or loss

applies to the partner, as it corresponds.

derived from the sale or exchange of capital assets held by the

partnership for more than six (6) months.

Line E – Indicate the partner’s share on the debts incurred by the

special partnership, including obligations guaranteed and non

Line 2 - Net short-term gain (or loss) on sale or exchange of

guaranteed by the partners. The partner’s basis will increase by

capital assets

those obligations guaranteed by such partner.

Enter on this line the partner's distributable share on the gain or loss

Line F – Enter the special partnership’s debts attributable to the

derived from the sale or exchange of capital assets held by the

partner with respect to operations covered under Act 78-1993 and

partnership for six (6) months or less.

Act No. 52 of 1983.

Line 5 - Net income (or loss) from the partnership’s trade or

PART II – ANALYSIS OF PARTNER’S CAPITAL ACCOUNT

business

Include on this line the partner's distributable share on the net income

Column (a) – Enter any capital contributed by the partner during the

or loss from the operations of the eligible activities. Do not include in

taxable year.

this item gains or losses identified on other lines of this Part.

Column (b) – Enter any other basis increase attributable to the

Enter on line 5(a) the share of the special partnership’s net income

partner.

attributable to services rendered by the partner and not paid to the

partner as salaries or compensation for services rendered.

Column (c) – Enter the partner’s distributable share on the gains or

losses from the special partnership during the taxable year.

The amount on line 5(a) must be reported by the partner as income

from services or from trade or business in its income tax return.

Column (d) – Enter the amount attributed to withdrawals or

distributions made by the special partnership to the partner,

Enter on line 5(b) the difference between the amount on line 5 and

excluding the amount attributed to income tax for withholdings at

the amount attributable to the services rendered by the partner

source on the distributable share made to a nonresident partner

reported on line 5(a).

(30%) or to a nonresident alien partner (29%).

The amount on line 5(b) must be informed by the partner on Schedule

Column (e) – Enter the amount attributed to other decreases to the

R of its income tax return.

partner’s basis in the special partnership.

Line 6 - Net income (or loss) from partially exempt income

For purposes of computing the loss that you are entitled to claim, you

must determine the adjusted basis of the partner’s interest according

Enter on this line the partner's distributable share on the net income

to Section 1114.17 of the Code.

or loss from operations under Act No. 52 of 1983, Act No. 47 of 1987,

Act 78-1993, Act 225-1995, Act 74-2010 or Act 132-2010.

The partner’s losses in one or more special partnerships are allowed

as a deduction against the income from other special partnerships,

Line 7 - Net income (or loss) from income subject to a

against income from partnerships and against income from

preferential rate

corporations of individuals in which the partner is a shareholder.

Each loss may be considered up to the amount of the adjusted basis

Enter on this line the partner's distributable share on the net operating

of the partner’s interest in each corresponding partnership.

income or loss subject to a fixed special tax rate, such as income under

Act 83-2010, known as the Puerto Rico Green Energy Incentives Act.

The limitation of the adjusted basis will be computed for each one of

the special partnerships in which the partner invests.

Line 8 - Eligible distribution of dividends from corporations

If the loss deduction allowable to the partner for any taxable year is

Enter on this line the partner’s distributable share on the dividends

less than its distributable share in the partnership’s net loss, the

received by the eligible special partnership at a preferential tax rate

partner may claim such excess as a deduction in any future taxable

of 10%. In the second Column you must enter the partner’s share on

year, subject to the previously explained limitations.

the tax withheld.

PART III – DISTRIBUTABLE SHARE PER CATEGORY

The partners may claim separately in their returns, their distributable

share on the dividends received by the special partnership and claim

Enter in each one of the spaces provided the partner’s distributable

a credit for their share on the 10% tax withheld.

share on the applicable item and the corresponding tax withheld, if

any.

As elected by the partners, said income may be included in the special

partnership’s net income to determine the special partnership’s

income or loss, as provided by Section 1114.06(b) of the Code.

Form 480.60 Se - Informative Return Special Partnership - Partner'S Distributable Share On Income, Losses And Credits Page 4

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