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 7
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10traded partnership box on Schedule K-1
a passive activity, complete Form
income on Schedule E, Part II, column
is checked, report the income following
8582-CR (or Form 8810 for corporations)
(g). However, if the publicly traded
the rules for Publicly traded
to figure how much of the credit is
partnership box is checked, report the
partnerships starting on page 4.
allowable. Enter the allowable amount on
income following the rules for Publicly
2. Report a loss following the
line 52 of Form 1040 or line 6c of
traded partnerships starting on page 4.
Instructions for Form 8582 to figure how
Schedule J, Form 1120.
Code B2. General partner’s net capital
much of the loss can be reported on
Code A7. General partner’s alternative
gain (loss) from rental real estate
Schedule E, Part II, column (f). However,
minimum tax adjustment from trade or
activities (for the entire year). The net
if the publicly traded partnership box is
business activities. An AMT
capital gain (loss) from a rental real estate
checked, report the loss following the
adjustment must be reported on line 15 of
activity is a passive activity amount
rules for Publicly traded partnerships
Form 6251. However, if the AMT
unless you were a real estate
starting on page 4.
adjustment is from a passive activity, it
professional (defined on page 3) and you
must be taken into account on line 18 with
materially participated in the activity. If the
Code A2. General partner’s net capital
adjustments and preferences from other
amount is either (a) a loss that is not from
gain (loss) from trade or business
passive activities instead of being
a passive activity or (b) a gain, report it on
activities (for the entire year). If you did
reported on line 15.
Schedule D (Form 1040), line 12, column
not materially participate in the trade or
(f). If the amount is a loss from a passive
business activity, the net capital gain
Code B1. General partner’s taxable
activity, report it following the Instructions
(loss) is a passive activity amount. If the
income (loss) from rental real estate
for Form 8582 to figure how much of the
amount is either (a) a loss that is not from
activities. Generally, the income (loss)
loss can be reported on Schedule D, line
a passive activity or (b) a gain, report it on
reported in box 9, Code B1, is a passive
12, column (f). However, if the publicly
Schedule D (Form 1040), line 12, column
activity amount for all general partners.
traded partnership box is checked, report
(f). If the amount is a loss from a passive
However, the income (loss) in box 9 is not
the loss following the rules for Publicly
activity, report it following the Instructions
from a passive activity if you were a real
for Form 8582 to figure how much of the
traded partnerships starting on page 4.
estate professional (defined on page 3)
loss can be reported on Schedule D, line
and you materially participated in the
Code B3. General partner’s post-May
12, column (f). However, if the publicly
activity.
5, 2003, net capital gain (loss) from
traded partnership box is checked, report
rental real estate. Report this amount on
Use the following instructions to
the loss following the rules for Publicly
Schedule D, line 12, column (g). If a loss
determine where to enter the Code B1
traded partnerships starting on page 4.
is reported, follow the Instructions for
amount:
Form 8582, to figure how much of the
Code A3. General partner’s post-May
1. If you have a loss from a passive
loss can be reported on Schedule D.
5, 2003, net capital gain (loss) from
activity in box 9, Code B1, and you meet
trade or business activities. Report this
Code B4. General partner’s 28% rate
all of the following conditions, enter the
amount on Schedule D (Form 1040), line
gain (loss) from rental real estate
loss on Schedule E (Form 1040), Part II,
12, column (g). If a loss is reported, follow
activities. The 28% rate gain (loss) from
column (f):
the Instructions for Form 8582, to figure
a rental real estate activity is a passive
a. You actively participated in the
how much of the loss can be reported on
activity amount unless you were a real
partnership rental real estate activities.
Schedule D.
estate professional (defined on page 3)
See Special allowance for rental real
and you materially participated in the
Code A4. General partner’s 28% rate
estate activities on page 4.
activity. If the amount is either (a) a loss
gain (loss) from trade or business
b. Rental real estate activities with
that is not from a passive activity or (b) a
activities. If you did not materially
active participation were your only
gain, report it on Schedule D (Form
participate in the trade or business
passive activities.
1040), line 12, column (g). If the amount
activity, the 28% rate gain (loss) is a
c. You have no prior year unallowed
is a loss from a passive activity, report it
passive activity amount. If the amount is
losses from these activities.
following the Instructions for Form 8582 to
either (a) a loss that is not from a passive
d. Your total loss from the rental real
figure how much of the loss can be
activity or (b) a gain, include it on line 4 of
estate activities was not more than
reported on Schedule D, line 12, column
the 28% Rate Gain Worksheet on page
$25,000 (not more than $12,500 if
(g). However, if the publicly traded
D-8 of the Instructions for Schedule D
married filing separately and you lived
partnership box is checked, report the
(Form 1040). If the amount is a loss from
apart from your spouse all year).
loss following the rules for Publicly
a passive activity, report it following the
e. If you are a married person filing
traded partnerships starting on page 4.
Instructions for Form 8582 to figure how
separately, you lived apart from your
much of the loss can be included on line 4
Code B5. General partner’s general
spouse all year.
of the 28% Rate Gain Worksheet on
credits from rental real estate
f. You have no current or prior year
page D-8 of the Instructions for Schedule
activities. Report the general credits on
unallowed credits from a passive activity.
D (Form 1040). However, if the publicly
line 1r of Form 3800. Unless you were a
g. Your modified adjusted gross
traded partnership box is checked, report
real estate professional and materially
income was not more than $100,000 (not
the loss following the rules for Publicly
participated in the rental real estate
more than $50,000 if married filing
traded partnerships starting on page 4.
activity, you must also include the general
separately and you lived apart from your
credits on line 3 of Form 3800.
Code A5. General partner’s general
spouse all year).
credits from trade or business
Code B6. General partner’s
2. If you have a loss from a passive
activities. Report the general credits on
low-income housing credit (for
activity in box 9 and you do not meet all
line 1r of Form 3800. If you did not
property placed in service after 1989)
the conditions in 1 above, report the loss
materially participate in the trade or
from rental real estate activities.
following the Instructions for Form 8582 to
business activity, you must also include
Report the low-income housing credit for
figure how much of the loss you can
the general credits on line 3 of Form
property placed in service after 1989 on
report on Schedule E (Form 1040), Part
3800.
line 5 of Form 8586. Unless you were a
II, column (f). However, if the publicly
real estate professional and materially
Code A6. General partner’s
traded partnership box is checked, report
participated in the rental real estate
nonconventional source fuel credit
the loss following the rules for Publicly
activity, the low-income housing credit is
from trade or business activities.
traded partnerships starting on page 4.
a passive activity credit.
Report the credit for producing fuel from a
3. If you were a real estate
nonconventional source on line 52 of
professional and you materially
Code B7. General partner’s
Form 1040 or line 6c of Schedule J, Form
participated in the activity, report box 9
rehabilitation credit from rental real
1120. If you did not materially participate
income (loss) on Schedule E (Form
estate activities. Report the
in the trade or business activity, the
1040), Part II, column (h) or (j).
rehabilitation credit on line 1e of Form
nonconventional source fuel credit is a
4. If you have income from a passive
3468, Investment Credit. Unless you were
passive activity credit. If the credit is from
activity in box 9, Code B1, enter the
a real estate professional and materially
-7-
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