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Commonwealth of Puerto Rico

Department of the Treasury

INFORMATIVE RETURN - PARTNERSHIP

Rev. 05.13

PARTNER'S DISTRIBUTABLE SHARE ON THE

INCOME, LOSSES AND CREDITS

FORM 480.60 S

INSTRUCTIONS

GENERAL INSTRUCTIONS

Such payments must be deposited in the Department of the Treasury

in 4 equal installments not later than the 15th day of the fourth, sixth,

OBLIGATION TO FILE THE INFORMATIVE RETURN -

ninth and twelfth month of the partnership’s taxable year.

PARTNERSHIP

The tax withheld will be sent to the Department of the Treasury using

Every partnership or limited liability company that is required to file

Form 480.9A (Withholding Tax Payment Voucher) or substitute form.

a Partnership Informative Income Tax Return must provide to each

The deposit must be made not later than the 15th day following the

partner a report containing the information required to be included

close of the calendar month to which the withholding belongs.

on the partner’s income tax return. The information must be provided

in Form 480.60 S (Partnership Informative Return – Partner’s

HOW MUST THE PARTNERS REPORT THESE ITEMS IN

Distributable Share on Income, Losses and Credits).

THEIR INCOME TAX RETURNS?

Each partner must submit this Informative Return with the income tax

The partners must include each one of the items indicated in their

return.

income tax returns as if such items were realized directly by them,

since the Code provides that the nature, source and character of the

For purposes of this return, the terms partnership and partner include

income, gains, losses and credits items included in the partner’s

a limited liability company and any of its members if they are subject

distributable share will be determined as if such items were realized

to the provisions of Chapter 7 of Subtitle A of the Puerto Rico

by the partner directly from the source from which the partnership

Internal Revenue Code of 2011, as amended (Code).

realized them, or incurred in the same way that they were incurred

by the partnership. In the same way, the partner’s distributable share

DATE ON WHICH THE REPORT MUST BE PROVIDED TO

on income from sources outside of Puerto Rico earned by the

PARTNERS

partnership will retain the character of the income from sources

outside of Puerto Rico in the hands of the partner.

The partnership has until the last day of the third month following the

close of the taxable year to provide the informative return to the

SPECIFIC INSTRUCTIONS

partners. Copy of the partner’s report must be sent to the

Department of the Treasury together with the Partnership

Enter the information required in each space. The partnership is

Informative Income Tax Return (Form 480.10(S)) when the

required to provide this informative return to each partner completed

same is filed.

in all parts, so the partner can complete the income tax return to be

filed with the Department of the Treasury.

REQUEST FOR EXTENSION OF TIME TO FILE THE

PARTNER’S REPORT

Enter the name and address of the partner and partnership, as well as the social

security number, employer identification number and type of industry.

A 30 days automatic extension of time will be granted from the date

prescribed to file the partner’s report. This will be made through the

PART I – PARTNER’S INFORMATION

Request for Extension of Time to File Reports of Partnership, Special

Partnership, Corporation of Individuals, Employees-Owned Special

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

Corporation and Revocable Trust or Grantor Trust (Form AS 2644.1).

applies to the partner, as it corresponds.

ESTIMATED PAYMENT REQUIREMENT ON PARTNER’S

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

DISTRIBUTABLE SHARE

partnership, including obligations guaranteed and non guaranteed

by the partners. The partner’s basis will increase by those obligations

Section 1062.07 of the Puerto Rico Internal Revenue Code of 2011,

guaranteed by such partner.

as amended (Code), provides the requirements for the income tax

estimated payments attributable to the partner’s distributable share on

Line F – Enter the partnership’s debts attributable to the partner with

the income from the partnership.

respect to operations covered under Act 78-1993 and Act No. 52 of 1983.

The managing partner or any other persons to whom the obligation

PART II – ANALYSIS OF PARTNER’S CAPITAL ACCOUNT

to provide the report to the partners has been delegated, must

withhold and send an amount equal to 30% of the estimated total of

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

partner’s distributable share on the income items from a partnership,

the taxable year.

less the total withheld with respect to judicial or extrajudicial

indemnification payments and payments for services rendered.

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

Form 480.60 S - Informative Return Partnership, Partner'S Distributable Share On Income, Losses And Credits Page 3

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