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) - 2004 Page 7
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10estate activities, and rental activities other
the general credits on line 3 of Form
28, column (f). However, if the publicly
than rental real estate.
3800.
traded partnership box is checked, report
the loss following the rules for Publicly
Code A5. General partner’s
Code A1. General partner’s taxable
traded partnerships on page 5.
nonconventional source fuel credit
income (loss) from trade or business
3. If you were a real estate
from trade or business activities.
activities. Report Code A1 income (loss)
professional and you materially
Report the credit for producing fuel from a
from partnership trade or business
participated in the activity, report box 9
nonconventional source on line 54 of
activities in which you materially
income (loss) on Schedule E (Form
Form 1040 or line 6c of Schedule J, Form
participated on Schedule E (Form 1040),
1040), line 28, column (h) or (j).
1120. If you did not materially participate
line 28, column (h) or (j). See the
4. If you have income from a passive
in the trade or business activity, the
instructions beginning on page 3 to
activity in box 9, Code B1, enter the
nonconventional source fuel credit is a
determine whether you materially
income on Schedule E (Form 1040), line
passive activity credit. If the credit is from
participated in a trade or business activity.
28, column (g). However, if the publicly
a passive activity, complete Form
traded partnership box is checked, report
Report Code A1 income (loss) from
8582-CR (or Form 8810 for corporations)
the income following the rules for Publicly
partnership trade or business activities in
to figure how much of the credit is
traded partnerships on page 5.
which you did not materially participate as
allowable. Attach a schedule to your
follows.
return showing how you calculated the
Code B2. General partner’s net capital
amount of credit you are allowed to take
1. Report income on Schedule E
gain (loss) from rental real estate
on your tax return.
(Form 1040), line 28, column (g).
activities (for the entire year). The net
However, if the publicly traded
Code A6. General partner’s alternative
capital gain (loss) from a rental real estate
partnership box on Schedule K-1 is
minimum tax adjustment from trade or
activity is a passive activity amount
checked, report the income following the
business activities. An AMT
unless you were a real estate
rules for Publicly traded partnerships on
adjustment must be reported on line 15 of
professional (defined on page 3) and you
page 5.
Form 6251. However, if the AMT
materially participated in the activity. If the
2. Report a loss following the
adjustment is from a passive activity, it
amount is either (a) a loss that is not from
Instructions for Form 8582 to figure how
must be taken into account on line 18 with
a passive activity or (b) a gain, report it on
much of the loss can be reported on
adjustments and preferences from other
Schedule D (Form 1040), line 12, column
Schedule E (Form 1040), line 28, column
passive activities instead of being
(f). If the amount is a loss from a passive
(f). However, if the publicly traded
reported on line 15.
activity, report it following the Instructions
partnership box is checked, report the
Code B1. General partner’s taxable
for Form 8582 to figure how much of the
loss following the rules for Publicly traded
income (loss) from rental real estate
loss can be reported on Schedule D, line
partnerships on page 5.
activities. Generally, the income (loss)
12, column (f). However, if the publicly
reported in box 9, Code B1, is a passive
traded partnership box is checked, report
Code A2. General partner’s net capital
activity amount for all general partners.
the loss following the rules for Publicly
gain (loss) from trade or business
However, the income (loss) in box 9 is not
traded partnerships on page 5.
activities. If you did not materially
from a passive activity if you were a real
participate in the trade or business
Code B3. General partner’s 28% rate
estate professional (defined on page 3)
activity, the net capital gain (loss) is a
gain (loss) from rental real estate
and you materially participated in the
passive activity amount. If the amount is
activities. The 28% rate gain (loss) from
activity.
either (a) a loss that is not from a passive
a rental real estate activity is a passive
Use the following instructions to
activity or (b) a gain, report it on Schedule
activity amount unless you were a real
determine where to enter the Code B1
D (Form 1040), line 12, column (f). If the
estate professional (defined on page 3)
amount.
amount is a loss from a passive activity,
and you materially participated in the
1. If you have a loss from a passive
report it following the Instructions for
activity. If the amount is either (a) a loss
activity in box 9, Code B1, and you meet
Form 8582 to figure how much of the loss
that is not from a passive activity or (b) a
all of the following conditions, enter the
can be reported on Schedule D (Form
gain, include it on line 4 of the 28% Rate
loss on Schedule E (Form 1040), line 28,
1040), line 12, column (f). However, if the
Gain Worksheet on page D-7 of the
column (f).
publicly traded partnership box is
Instructions for Schedule D (Form 1040).
checked, report the loss following the
a. You actively participated in the
If the amount is a loss from a passive
rules for Publicly traded partnerships on
partnership rental real estate activities.
activity, report it following the Instructions
page 5.
See Special allowance for rental real
for Form 8582 to figure how much of the
estate activities on page 4.
loss can be included on line 4 of the 28%
Code A3. General partner’s 28% rate
b. Rental real estate activities with
Rate Gain Worksheet on page D-7 of the
gain (loss) from trade or business
active participation were your only
Instructions for Schedule D (Form 1040).
activities. If you did not materially
passive activities.
However, if the publicly traded
participate in the trade or business
c. You have no prior year unallowed
partnership box is checked, report the
activity, the 28% rate gain (loss) is a
losses from these activities.
loss following the rules for Publicly traded
passive activity amount. If the amount is
d. Your total loss from the rental real
partnerships on page 5.
either (a) a loss that is not from a passive
estate activities was not more than
activity or (b) a gain, include it on line 4 of
Code B4. General partner’s general
$25,000 (not more than $12,500 if
the 28% Rate Gain Worksheet on page
credits from rental real estate
married filing separately and you lived
D-7 of the Instructions for Schedule D
activities. Report the general credits on
apart from your spouse all year).
(Form 1040). If the amount is a loss from
line 1t of Form 3800. Unless you were a
e. If you are a married person filing
a passive activity, report it following the
real estate professional and materially
separately, you lived apart from your
Instructions for Form 8582 to figure how
participated in the rental real estate
spouse all year.
much of the loss can be included on line 4
activity, you must also include the general
f. You have no current or prior year
of the 28% Rate Gain Worksheet on page
credits on line 3 of Form 3800.
unallowed credits from a passive activity.
D-7 of the Instructions for Schedule D
g. Your modified adjusted gross
Code B5. General partner’s
(Form 1040). However, if the publicly
income was not more than $100,000 (not
low-income housing credit (for
traded partnership box is checked, report
more than $50,000 if married filing
property placed in service after 1989)
the loss following the rules for Publicly
separately and you lived apart from your
from rental real estate activities.
traded partnerships on page 5.
spouse all year).
Report the low-income housing credit for
Code A4. General partner’s general
2. If you have a loss from a passive
property placed in service after 1989 on
credits from trade or business
activity in box 9 and you do not meet all
line 5 of Form 8586. Unless you were a
activities. Report the general credits on
the conditions in 1 above, report the loss
real estate professional and materially
line 1t of Form 3800. If you did not
following the Instructions for Form 8582 to
participated in the rental real estate
materially participate in the trade or
figure how much of the loss you can
activity, the low-income housing credit is
business activity, you must also include
report on Schedule E (Form 1040), line
a passive activity credit.
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