Instructions For Form 8582 Draft - 2011 Page 13
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13each ratio in column (b) and enter the
taxpayers filing this form is approved
Paperwork Reduction Act Notice.
result in column (c) of Worksheet 5.
under OMB control number 1545-0074
We ask for the information on this form
and is included in the estimates shown
to carry out the Internal Revenue laws
Next, complete Worksheet 6 for
in the instructions for their individual
of the United States. You are required
each activity listed in Worksheet 5 if all
income tax return. The estimated
to give us the information. We need it to
the loss from that activity is reported on
burden for all other taxpayers who file
one form or schedule. Use Worksheet 7
ensure that you are complying with
this form is shown below.
instead of Worksheet 6 for each activity
these laws and to allow us to figure and
collect the right amount of tax.
with losses reported on two or more
Recordkeeping . . . . . . . .
26 min.
different forms or schedules (or on
You are not required to provide the
different parts of the same form or
information requested on a form that is
Learning about the law or
schedule). Enter the net loss plus any
subject to the Paperwork Reduction Act
the form . . . . . . . . . . . . . 1 hr., 43 min.
prior year unallowed losses in column
unless the form displays a valid OMB
Preparing the form . . . . . 1 hr., 43 min.
(a) of Worksheet 6 (or Worksheet 7 if
control number. Books or records
applicable). The losses in column (c) of
relating to a form or its instructions
Copying, assembling,
Worksheet 6 (column (e) of Worksheet
must be retained as long as their
and sending the form to
7) are the allowed losses to report on
contents may become material in the
the IRS . . . . . . . . . . . . . .
48 min.
your forms or schedules. Report these
administration of any Internal Revenue
losses and any income from the PTP
If you have comments concerning
law. Generally, tax returns and return
on the forms and schedules normally
the accuracy of these time estimates or
information are confidential, as required
used.
suggestions for making this form
by section 6103.
simpler, we would be happy to hear
4. If you have an overall loss and
The time needed to complete and
from you. See the instructions for the
you disposed of your entire interest in
file this form will vary depending on
tax return with which this form is filed.
the PTP to an unrelated person in a
individual circumstances. The
fully taxable transaction during the year,
estimated burden for individual
your losses (including prior year
unallowed losses) allocable to the
activity for the year are not limited by
the passive loss rules. A fully taxable
transaction is one in which you
recognize all your realized gain or loss.
Report the income and losses on the
forms and schedules normally used.
For rules on the disposition of an
entire interest reported using the
installment method, see Disposition of
an Entire Interest, earlier.
-13-
Instructions for Form 8582 (2011)
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