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 8

participated in the rental real estate

and preferences from other passive

For a discharge of indebtedness not

activity, the credit is a passive activity

activities instead of being reported on line

described above, you must include this

credit, and you must also file Form 3800.

15.

amount in income on Schedule E, Part II,

column (g) or (j).

Code B8. General partner’s alternative

Code D. Qualified Dividends

minimum tax adjustment from rental

Code I. Tax-Exempt Interest

Report this amount on line 9b of Form

real estate activities. An AMT

Income

1040.

adjustment must be reported on line 15 of

Note: Qualified dividends are excluded

You must report on your return, as an

Form 6251. However, if the AMT

from investment income, but you may

item of information, your share of the

adjustment is from a passive activity, it

elect to include part or all of these

tax-exempt interest received or accrued

must be taken into account on line 18 with

amounts in investment income. See the

by the partnership during the year.

other passive activities instead of being

instructions for line 4g of Form 4952,

Individual partners must include this

reported on line 15.

Investment Interest Expense Deduction,

amount on Form 1040, line 8b. Increase

Code C1. General partner’s taxable

for important information on making this

the adjusted basis of your interest in the

income (loss) from other rental

election.

partnership by this amount.

activities. Income (loss) reported in box

9, Code C1, is a passive activity amount

Code E. Limited Partner’s 28%

Code J. Limited Partner’s

for all general partners. Report a loss

Rate Gain (Loss) From Passive

Rehabilitation Credit From Rental

following the Instructions for Form 8582.

Activities

Real Estate Activities

Report income on Schedule E (Form

Limited partners only. Report the

Limited partners only. The 28% rate

1040), Part II, column (g). However, if the

rehabilitation credit on line 1e of Form

gain (loss) is treated as being from a

box for publicly traded partnerships is

3468. Because the credit is treated as

trade or business that is a single passive

checked, report the income (loss)

being from a single passive activity, you

activity. If a gain is reported, include it on

following the rules for Publicly traded

must also file Form 3800.

line 4 of the 28% Rate Gain Worksheet

partnerships starting on page 4.

on page D-8 of the Instructions for

Code K. Limited Partner’s

Code C2. General partner’s net capital

Schedule D (Form 1040). If a loss is

gain (loss) from other rental activities.

Nonconventional Source Fuel

reported, report the loss following the

The net capital gain (loss) from other

Credit

Instructions for Form 8582 to figure how

rental activities is a passive activity

much of the loss can be included on line 4

Limited partners only. The

amount for all general partners. Report

nonconventional source fuel credit is

of the 28% Rate Gain Worksheet on

the gain on Schedule D (Form 1040), line

treated as being from a single passive

page D-8 of the Instructions for Schedule

12, column (f). Report a loss following the

D (Form 1040). However, if the publicly

activity. Complete Form 8582-CR (or

Instructions for Form 8582 to figure how

Form 8810 for corporations) to figure how

traded partnership box is checked, report

much of the loss can be reported on

much of the credit is allowable. Enter the

the loss following the rules for Publicly

Schedule D, line 12, column (f). However,

traded partnerships starting on page 4.

allowable amount on line 52 of Form 1040

if the publicly traded partnership box is

or line 6c of Schedule J, Form 1120.

Code F. Limited Partner’s 28%

checked, report the loss following the

rules for Publicly traded partnerships

Rate Gain (Loss) From Other

Codes L1 and L2. Self-Employment

starting on page 4.

Activities

Code L1. Net earnings (loss) from

Code C3. General partner’s post-May

The 28% gain (loss) from other activities

self-employment. Enter this amount on

5, 2003, net capital gain (loss) from

is not subject to the passive activity

Schedule SE (Form 1040), line 2, Section

other rental activities. Report this

limitations. Include it on line 4 of the 28%

A or B, whichever is applicable. General

amount on Schedule D, line 12, column

Rate Gain Worksheet on page D-8 of the

partners should reduce this amount by

(g). If a loss is reported, follow the

Instructions for Schedule D (Form 1040).

unreimbursed partnership expenses

Instructions for Form 8582 to figure how

claimed. General partners who are

Code G. Guaranteed Payments

much of the loss can be reported on

disqualified persons also should reduce

Generally, these amounts are not passive

Schedule D.

this amount by depletion claimed on oil

income, and you should report them on

Code C4. General partner’s 28% rate

and gas properties. If this amount is a

Schedule E (Form 1040), Part II, column

gain (loss) from other rental activities.

loss, enter only the deductible amount on

(j) (e.g., guaranteed payments for

The 28% rate gain (loss) from other rental

Schedule SE. For purposes of

personal services).

activities is a passive activity amount for

self-employment tax, no income from an

all general partners. Report a gain on

Code H. Income From Discharge of

electing large partnership is treated as

Schedule D (Form 1040), line 12, column

farming or fishing income.

Indebtedness

(g). Report a loss following the

The amount reported under Code H is

Code L2. Gross nonfarm income. If

Instructions for Form 8582 to figure how

excluded from your gross income to the

you are an individual partner, use this

much of the loss can be reported on

extent provided in section 108 if the

amount to figure net earnings from

Schedule D, line 12, column (g).

discharge:

self-employment under the nonfarm

However, if the publicly traded

optional method on Schedule SE (Form

1. Occurred in a title 11 case relating

partnership box is checked, report the

1040), Section B, Part II.

to bankruptcy,

loss following the rules for Publicly

2. Occurred when you were insolvent,

traded partnerships starting on page 4.

Codes M1 Through M9. Foreign

3. Involved qualified farm

Tax Credit Information

Code C5. General partner’s general

indebtedness, as defined in section

credits from other rental activities.

Use the information reported under

108(g), or

Report the general credits on line 1r of

Codes M1 through M9 to figure your

4. Involved qualified real property

Form 3800. Because general credits from

foreign tax credit. For more information,

business indebtedness, as defined in

other rental activities are passive activity

see Form 1116, Foreign Tax Credit

section 108(c)(3), unless the partner is a

credits for all general partners, you must

(Individual, Estate, Trust, or Nonresident

C corporation.

also include the general credits on line 3

Alien Individual) and its instructions;

of Form 3800.

This amount is applied, instead, to

Form 1118, Foreign Tax Credit —

Code C6. General partner’s alternative

reduce certain tax attributes. File Form

Corporations, and its instructions; and

minimum tax adjustment from other

982, Reduction of Tax Attributes Due to

Pub. 514, Foreign Tax Credit for

rental activities. An AMT adjustment

Discharge of Indebtedness, to explain

Individuals. See page 5 of the Instructions

must be reported on line 15 of Form

why any amount received from the

for Form 1116 for detailed instructions for

6251. However, if the AMT adjustment is

discharge of indebtedness should be

reporting foreign tax information from

from a passive activity, it must be taken

excluded and to report your reduction of

partnerships. Note: The line references in

into account on line 18 with adjustments

tax attributes.

this section of the Form 1116 instructions

-8-

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