Partner'S Instructions For Schedule K-1 (Form 1065-B) Draft - Partner'S Share Of Income (Loss) From An Electing Large Partnership (For Partner'S Use Only) - 2011 Page 13
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13determination of whether you are required
items to its partners, it will provide a
partnership allocates effectively
to disclose a transaction of the
statement identifying your distributive
connected income to the partner, the
partnership is based on the category(s)
share of the following.
statement will contain the information
under which the transaction qualifies for
needed to complete lines 1 through 9, 12,
1. The deferred section 108(i)
disclosure and is determined by the
13, 14b, 16a, 16b, and 17 of Schedule P
cancellation of debt (COD) income that
partnership. See the Instructions for Form
(Form 1120-F). If the partnership does not
has not been included in income in the
8886 for details.
allocate effectively connected income to
current or prior tax years.
•
Conservation reserve program
the partner, the statement will contain the
2. The partnership’s original issue
DRAFT AS OF
payments. Individuals who received social
information needed to complete lines
discount (OID) deduction deferred under
security retirement or disability benefits,
12,13, and 17 of Schedule P (Form
section 108(i)(2)(A)(i) that has not been
and are partners in a farm partnership
1120-F), information that might be
deducted in the current or prior tax years.
that receives conservation reserve
relevant for purposes of completing
3. The deferred section 752 amount
program payments, do not pay
Schedule P in determining your interest
that is treated as a distribution of money
self-employment tax on their share of the
expense deduction under Regulations
under section 752 in the current tax year.
conservation reserve payments. The
section 1.882-5.
4. The deferred section 752 amount
•
partnership will report your share of the
The partner’s share of the credit for
remaining as of the end of the current tax
January 24, 2012
conservation reserve program payments
each separate bond credit that was
year.
in box 9 using code U. See Schedule SE
reported on the partnership’s Form 8912.
5. Any income previously deferred as
(Form 1040) for information on excluding
Do not add these amounts to your
a result of a section 108(i) election that is
the payments from your calculation of
income, as they were included in the
includible in the current year. See section
self-employment tax.
income (loss) reported in box 1 or 2. The
108(i) for events that will cause previously
•
Gain or loss attributable to the sale or
partnership will report the following credits
deferred income to be reportable, and a
exchange of qualified preferred stock of
separately: Clean renewable energy bond
special rule for allocating deferred income
the Federal National Mortgage
credit, Midwestern tax credit bond credit,
to partners.
Association (Fannie Mae) and the Federal
new clean renewable energy bond credit,
6. The current year section 108(i) OID
Home Loan Mortgage Corporation
qualified energy conservation bond credit,
deduction. The partnership will provide
(Freddie Mac). The partnership will report
qualified forestry conservation bond
your distributive share of the partnership’s
on an attached statement the amount of
credit, qualified zone academy bond
OID deduction deferred under section
gain or loss attributable to the sale or
credit, qualified school construction bond
108(i)(2)(A)(i) that is allowable as a
exchange of the qualified preferred stock,
credit, and build America bond credit.
deduction in the current tax year under
•
the date the stock was acquired by the
Excess farm loss limitation. If the
section 108(i)(2)(A)(ii) or section
partnership, and the date the stock was
partnership has deductions attributable to
108(i)(5)(D)(i) or (ii).
•
sold or exchanged by the partnership. If
a farming activity, it will provide a
The information needed to complete
the partner is not a financial institution (as
statement showing the aggregate gross
Schedule P (Form 1120-F), List of
defined below), report the gain or loss on
income or gain and the aggregate
Foreign Partner Interests in Partnerships.
line 5 or line 12 of Schedule D (Form
deductions from the farming activity that
When required, the partnership will make
1040) in accordance with the instructions
you need to figure any excess farm loss
this report on an attached statement to
for Schedule D. If a partner is a financial
limitation. See section 461(j) for details.
partners that are a corporation (identified
•
institution referred to in section 582(c)(2)
Any other information you may need to
as a foreign partner under Regulations
or a depositary institution holding
file with your return not shown elsewhere
section 1.1446-1(c)(3) or partners that are
company (as defined in section 3(w)(1) of
on Schedule K-1. The partnership must
a partnership (domestic or foreign) if the
the Federal Deposit Insurance Act), report
give you a description and the amount of
reporting partnership knows, or has
the gain or loss in accordance with the
your share for each of these items.
reason to know, that one or more of the
Instructions for Form 4797 and Rev. Proc.
partners is a foreign corporation. If the
2008-64, 2008-47 I.R.B. 1195.
•
If the partnership made a section 108(i)
election or allocates any section 108(i)
-12-
Instructions for Schedule K-1 (1065-B) (2010)
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