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) - 2003 Page 6
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10Form 8271 with your Schedule K-1. Use
Part II, column (g). However, if the
Box 5. Net Passive AMT
the information on this Form 8271 to
publicly traded partnership box is
Adjustment
complete your Form 8271.
checked, report the income following the
Limited partners only. Use the amount
rules for Publicly traded partnerships
If the partnership itself is a
reported in box 5 (as well as your
starting on page 4.
registration-required tax shelter, use the
•
adjustments and tax preference items
If a loss is reported in box 1, follow the
information on Schedule K-1 (name of the
from other sources) to prepare your Form
Instructions for Form 8582 to figure how
partnership, partnership identifying
6251, Alternative Minimum Tax —
much of the loss can be reported on
number, and tax shelter registration
Individuals; Form 4626, Alternative
Schedule E, Part II, column (f). However,
number) to complete your Form 8271.
Minimum Tax — Corporations; or
if the publicly traded partnership box is
Schedule I of Form 1041, U.S. Income
Boxes 1 Through 9
checked, report the loss following the
Tax Return for Estates and Trusts. The
rules for Publicly traded partnerships
The amounts shown in boxes 1 through 9
adjustment is treated as being from a
starting on page 4.
reflect your share of income, loss, credits,
trade or business that is a single passive
deductions, etc., from the partnership.
Box 2. Taxable Income (Loss)
activity.
These amounts do not take into
From Other Activities
Individuals should enter the amount on
consideration the following limitations:
line 18 of Form 6251, where it is taken
The amount reported in box 2 is your
1. The adjusted basis of your
into account with adjustments and
share of the income from other activities.
partnership interest,
preferences from other passive activities.
It is not subject to the passive activity
2. The amount for which you are at
limitations. Report the amount in box 2 as
Box 6. Net Other AMT
risk, or
follows:
3. The passive activity limitations.
•
Adjustment
If the amount in box 2 is income, report
Individual general and limited partners
it on Schedule E, Part II, column (j).
For information on these provisions,
•
should enter the amount from box 6 on
If the amount in box 2 is a loss, report it
see Limitations on Losses,
line 15 of Form 6251.
on Schedule E, Part II, column (h).
Deductions, and Credits beginning on
page 2.
Box 7. General Credits
Box 3a. Total Net Capital Gain
If you are an individual, the following
Limited partners only. Enter the amount
(Loss) From Passive Activities
instructions will tell you how to report the
from box 7 on line 1r of Form 3800,
Limited partners only. The net capital
amounts shown in the boxes. If you are
General Business Credit. Because
gain (loss) for the entire year, reported in
not an individual, report the amounts in
general credits are treated as being from
the boxes as instructed on your tax
box 3a, is treated as being from a trade or
a trade or business that is a single
business that is a single passive activity.
return.
passive activity, you must also include the
If a net capital gain is reported in box 3a,
The line numbers in these instructions
box 7 amount on line 3 of Form 3800.
report the gain on Schedule D (Form
are references to forms in use for
Box 8. Low-Income Housing
1040), line 12, column (f). If a loss is
calendar year 2003. If you file your tax
Credit
reported in box 3a, report the loss
return on a calendar year basis, but your
following the Form 8582 instructions to
partnership files a return for a fiscal year,
Limited partners only. Enter the amount
figure how much of the loss can be
enter the amounts shown in the boxes on
from box 8 on line 5 of Form 8586,
reported on Schedule D, line 12, column
your tax return for the year in which the
Low-Income Housing Credit. This credit is
(f). However, if the publicly traded
partnership’s fiscal year ends. For
for property placed in service after 1989
partnership box is checked, report the
example, if the partnership’s tax year
and is treated as being from a single
loss following the rules for Publicly
ends in February 2004, report the
passive activity.
traded partnerships starting on page 4.
amounts in the boxes on your 2004 tax
Box 9. Other
return.
Box 3b. Post-May 5, 2003, Gain
If you have losses, deductions, or
Codes A Through C
(Loss) From Passive Activities
credits from a prior year that were not
General partners in an electing large
deductible or usable because of certain
Limited partners only. The post-May 5,
partnership must separately account for
2003, gain (loss), reported in box 3b, is
limitations, such as the basis rules or the
any items attributable to passive loss
treated as being from a trade or business
at-risk limitations, take them into account
limitation activities to the extent
in determining your net income, loss, or
that is a single passive activity. If a net
necessary to comply with the section 469
capital gain is reported in box 3b, report
credits for this year. However, except for
passive loss rules. Therefore, the
the gain on Schedule D (Form 1040), line
passive activity losses and credits, do not
partnership is required to report income
12, column (g). If a loss is reported in box
combine the prior-year amounts with any
(loss), capital gain (loss), 28% rate gain
amounts shown on this Schedule K-1 to
3b, report the loss following the Form
(loss), credits, and the alternative
8582 instructions to figure how much of
get a net figure to report on any
minimum tax adjustment separately for all
the loss can be reported on Schedule D,
supporting schedules, statements, or
trade or business activities, rental real
forms attached to your return. Instead,
line 12, column (g). However, if the
estate activities, and rental activities other
publicly traded partnership box is
report the amounts separately on the
than rental real estate.
checked, report the loss following the
attached schedule, statement, or form on
Code A1. General partner’s taxable
a year-by-year basis.
rules for Publicly traded partnerships
income (loss) from trade or business
starting on page 4.
If you have amounts other than those
activities. Report Code A1 income (loss)
shown on Schedule K-1 to report on
Box 4a. Total Net Capital Gain
from partnership trade or business
Schedule E (Form 1040), enter each item
(Loss) From Other Activities
activities in which you materially
on a separate line of Part II of Schedule
participated on Schedule E, Part II,
Net capital gain (loss) for the entire year
E.
column (h) or (j). See the instructions
from other activities is not subject to the
Box 1. Taxable Income (Loss)
beginning on page 3 to determine
passive activity limitations. Report the
From Passive Activities
whether you materially participated in a
gain (loss) on Schedule D (Form 1040),
trade or business activity.
line 12, column (f).
Limited partners only. The amount
Report Code A1 income (loss) from
reported in box 1 is treated as being from
Box 4b. Post-May 5, 2003, Gain
partnership trade or business activities in
a trade or business that is a single
(Loss) From Other Activities
which you did not materially participate as
passive activity. Report this amount as
follows:
follows:
Report the post-May 5, 2003, gain (loss)
•
If income is reported in box 1, report
from other activities on Schedule D (Form
1. Report income on Schedule E, Part
the income on Schedule E (Form 1040),
1040), line 12, column (g).
II, column (g). However, if the publicly
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