2011 Shareholder'S Instructions For Schedule K-1 (Form 1120s) (Page 12 of 14) in pdf

Box 17. Other

Extraterritorial Income Exclusion, for

allocable to such properties that are

details.

included in boxes 2 through 12, 16,

Information

2. Corporation claimed the

and 17 of Schedule K-1. Use the

exclusion. If the corporation reports

amounts reported here and any other

Code A. Investment income.

your share of foreign trading gross

reported amounts to help you figure

Report this amount on line 4a of Form

receipts but not the amount of the

the net amount to enter on line 26 of

4952.

extraterritorial income exclusion, the

Form 6251.

Code B. Investment expenses.

corporation met the foreign economic

Code F. Other AMT items. Enter

Report this amount on line 5 of Form

process requirements and claimed

the information on the statement

4952.

the exclusion when figuring your

attached by the corporation on the

Code C. Qualified rehabilitation

share of corporate income. You also

applicable lines of Form 6251 or

expenditures (other than rental real

may need to know your share of

Schedule I (Form 1041).

estate). The corporation will report

foreign trading gross receipts from

your share of qualified rehabilitation

this corporation to determine if you

Box 16. Items Affecting

expenditures and other information

met the $5 million or less exception

Shareholder Basis

you need to complete Form 3468 for

discussed above for purposes of

property not related to rental real

qualifying for an extraterritorial

Code A. Tax-exempt interest

estate activities in box 17 using code

income exclusion from other sources.

income. Report on your return, as

C. Your share of qualified

Note. Upon request, the corporation

an item of information, your share of

rehabilitation expenditures related to

should furnish you a copy of the

the tax-exempt interest received or

rental real estate activities is reported

corporation’s Form 8873 if there is a

accrued by the corporation during the

in box 13 using code E. See the

reduction for international boycott

year. Individual shareholders include

Instructions for Form 3468 for details.

operations, illegal bribes, kickbacks,

this amount on Form 1040, line 8b.

If the corporation is reporting

etc.

Generally, you must increase the

expenditures from more than one

Code Q. Other foreign

basis of your stock by this amount.

activity, the attached statement will

transactions. On a schedule

separately identify the expenditures

Code B. Other tax-exempt income.

attached to Schedule K-1, the

from each activity.

Generally, you must increase the

corporation will report any other

basis of your stock by the amount

Combine the expenditures (for

information on foreign transactions

shown, but do not include it in income

Form 3468 reporting) from box 13,

that you may need using code Q.

on your tax return.

code E and from box 17, code C. The

expenditures related to rental real

Box 15. Alternative

Code C. Nondeductible expenses.

estate activities (box 13, code E) are

The nondeductible expenses paid or

Minimum Tax (AMT)

reported on Schedule K-1 separately

incurred by the corporation are not

from other qualified rehabilitation

deductible on your tax return.

Items

expenditures (box 17, code C)

Generally, you must decrease the

because they are subject to different

Use the information reported in box

basis of your stock by this amount.

passive activity limitation rules. See

15 (as well as your adjustments and

Code D. Property distributions.

tax preference items from other

the Instructions for Form 8582-CR for

Reduce the basis of your stock (as

details.

sources) to prepare your Form 6251,

explained earlier) by distributions, not

Alternative Minimum

Code D. Basis of energy property.

reported on Form 1099-DIV, of

Tax —Individuals, or Schedule I

If the corporation provides an

property or money. This amount will

(Form 1041), Alternative Minimum

attached statement for code D, use

include any amounts included in

Tax —Estates and Trusts.

the information on the statement to

income with respect to new clean

Code A. This amount is your share

complete lines 12a-d, 12f, 12g, 12i,

renewable energy, qualified energy

of the corporation’s post-1986

12j, 12l, 12m, 12o, and 12q-s of Form

conservation, qualified forestry

3468.

depreciation adjustment. If you are an

conservation, qualified school

individual shareholder, report this

Codes E and F. Recapture of

construction, build America, or (for

amount on line 18 of Form 6251.

low-income housing credit. The

bonds issued after October 3, 2008)

Code B. This amount is your share

corporation will identify by code E

qualified zone academy bonds. If

your share of any recapture of a

of the corporation’s adjusted gain or

these distributions exceed the basis

low-income housing credit from its

loss. If you are an individual

of your stock, the excess is treated as

shareholder, report this amount on

investment in partnerships to which

capital gain from the sale or

the provisions of section 42(j)(5)

line 17 of Form 6251.

exchange of property and is reported

apply. All other recapture of

on Form 8949 and Schedule D (Form

Code C. This amount is your share

low-income housing credits will be

1040).

of the corporation’s depletion

identified by code F.

adjustment. If you are an individual

Code E. Repayment of loans from

shareholder, report this amount on

Keep a separate record of each

shareholders. If these payments

line 9 of Form 6251.

type of recapture so that you will be

are made on a loan with a reduced

able to correctly figure any credit

Codes D and E. Oil, gas, &

basis, the repayments must be

recapture that may result from the

geothermal properties—gross

allocated in part to a return of your

disposition of all or part of your

income and deductions. The

basis in the loan and in part to the

corporate stock. For details, see

amounts reported on these lines

receipt of income. See Regulations

Form 8611.

include only the gross income (code

section 1.1367-2 for information on

D) from, and deductions (code E)

reduction in basis of a loan and

Code G. Recapture of investment

allocable to, oil, gas, and geothermal

restoration in basis of a loan with a

credit. The corporation will provide

properties included in box 1 of

reduced basis. See Rev. Rul. 64-162,

any information you need to figure

Schedule K-1. The corporation should

1964-1 (Part 1) C.B. 304 and Rev.

your recapture tax on Form 4255,

have attached a statement that

Rul. 68-537, 1968-2 C.B. 372, for

Recapture of Investment Credit. See

shows any income from or deductions

details.

the Form 3468 on which you took the

-12-

Instructions for Schedule K-1 (Form 1120S)

2011 Shareholder'S Instructions For Schedule K-1 (Form 1120s) Page 12

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