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 9
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13Code B2. General partner’s net capital
Form 6251. However, if the AMT
of the Instructions for Schedule D (Form
gain or (loss) from rental real estate
adjustment is from a passive activity, it
1040).
activities (for the entire year). The net
must be taken into account on line 19 with
If a loss is reported, report the loss
capital gain or (loss) from a rental real
other passive activities instead of being
following the Instructions for Form 8582 to
estate activity is a passive activity amount
reported on line 16.
figure how much of the loss can be
unless you were a real estate
included on line 4 of the 28% Rate Gain
Code C1. General partner’s taxable
professional and you materially
Worksheet in the Instructions for
income or (loss) from other rental
participated in the activity. If the amount is
Schedule D (Form 1040). However, if the
activities. Income (loss) reported in box
DRAFT AS OF
either (a) a loss that is not from a passive
PTP box is checked, report the loss
9, Code C1, is a passive activity amount
activity or (b) a gain, report it on Schedule
following the rules for Publicly traded
for all general partners. Report a loss
D (Form 1040), line 12.
partnerships.
following the Instructions for Form 8582.
If the amount is a loss from a passive
Report income on Schedule E (Form
Code E. Limited Partner’s 28%
activity, report it following the Instructions
1040), line 28, column (g). However, if the
Rate Gain or (Loss) From Other
for Form 8582 to figure how much of the
PTP box is checked, report the income
Activities
loss can be reported on Schedule D, line
(loss) following the rules for Publicly
The 28% gain or (loss) from other
12. However, if the PTP box is checked,
traded partnerships.
January 24, 2012
activities is not subject to the passive
report the loss following the rules for
Code C2. General partner’s net capital
activity limitations. Include it on line 4 of
Publicly traded partnerships.
gain or (loss) from other rental
the 28% Rate Gain Worksheet in the
Code B3. General partner’s 28% rate
activities. The net capital gain (loss)
Instructions for Schedule D (Form 1040).
gain or (loss) from rental real estate
from other rental activities is a passive
activities. The 28% rate gain or (loss)
Code F. Guaranteed Payments
activity amount for all general partners.
from a rental real estate activity is a
Report the gain on Schedule D (Form
Generally, these amounts are not passive
passive activity amount unless you were
1040), line 12. Report a loss following the
income. Report them on Schedule E
a real estate professional and you
Instructions for Form 8582 to figure how
(Form 1040), line 28, column (j) (for
materially participated in the activity. If the
much of the loss can be reported on
example, guaranteed payments for
amount is either (a) a loss that is not from
Schedule D (Form 1040), line 12.
personal services).
a passive activity or (b) a gain, include it
However, if the PTP box is checked,
Code G. Income From Discharge of
on line 4 of the 28% Rate Gain
report the loss following the rules for
Indebtedness
Worksheet in the Instructions for
Publicly traded partnerships.
Schedule D (Form 1040).
The amount reported under Code G is
Code C3. General partner’s 28% rate
excluded from your gross income to the
If the amount is a loss from a passive
gain or (loss) from other rental
extent provided in section 108 if the
activity, report it following the Instructions
activities. The 28% rate gain or (loss)
discharge:
for Form 8582 to figure how much of the
from other rental activities is a passive
•
Occurred in a title 11 case relating to
loss can be included on line 4 of the 28%
activity amount for all general partners. If
bankruptcy,
Rate Gain Worksheet in the Instructions
the amount is a gain, include it on line 4
•
Occurred when you were insolvent,
for Schedule D (Form 1040). However, if
of the 28% Rate Gain Worksheet in the
•
Involved qualified farm indebtedness,
the PTP box is checked, report the loss
Instructions for Schedule D (Form 1040).
as defined in section 108(g), or
following the rules for Publicly traded
Report a loss following the Instructions for
•
Involved qualified real property
partnerships.
Form 8582 to figure how much of the loss
business indebtedness, as defined in
can be included on line 4 of the 28% Rate
Code B4. General partner’s general
section 108(c)(3), unless the partner is a
Gain Worksheet in the Instructions for
credits from rental real estate
C corporation.
Schedule D (Form 1040). However, if the
activities. Report the general credits on
PTP box is checked, report the loss
This amount is applied, instead, to
line 1bb of Form 3800. Unless you were a
following the rules for Publicly traded
reduce certain tax attributes. File Form
real estate professional and materially
partnerships.
982, Reduction of Tax Attributes Due to
participated in the rental real estate
Discharge of Indebtedness (and Section
activity, you must also report the general
Code C4. General partner’s general
1082 Basis Adjustment), to explain why
credits on Form 3800, Part III as a credit
credits from other rental activities.
any amount received from the discharge
from a passive activity.
Report the general credits on line 1bb of
of indebtedness should be excluded and
Form 3800, Part III. Because general
Code B5. General partner’s
to report your reduction of tax attributes.
credits from other rental activities are
low-income housing credit from rental
For a discharge of indebtedness not
passive activity credits for all general
real estate activities. Report the
described above, you must include this
partners, you must also report the general
low-income housing credit on line 4 of
amount in income on line 21 of Form
credits on Form 3800, Part III as a credit
Form 8586 for buildings placed in service
1040.
from a passive activity.
before 2008, and on line 11 of Form 8586
for buildings placed in service after 2007.
Code H. Tax-Exempt Interest
Code C5. General partner’s alternative
Unless you were a real estate
minimum tax adjustment from other
Income
professional and materially participated in
rental activities. An AMT adjustment
Report on your income tax return, as an
the rental real estate activity, the
must be reported on line 16 of Form
item of information, your share of the
low-income housing credit is a passive
6251. However, if the AMT adjustment is
tax-exempt interest received or accrued
activity credit.
from a passive activity, it must be taken
by the partnership during the year.
into account on line 19 with adjustments
Code B6. General partner’s
Individual partners must include this
and preferences from other passive
rehabilitation credit from rental real
amount on Form 1040, line 8b. Increase
estate activities. Report the
activities instead of being reported on line
the adjusted basis of your interest in the
rehabilitation credit on line 11m of Form
16.
partnership by this amount.
3468, Investment Credit. Unless you were
Code D. Limited Partner’s 28%
Code I. Limited Partner’s
a real estate professional and materially
Rate Gain or (Loss) From Passive
Rehabilitation Credit From Rental
participated in the rental real estate
Activities
Real Estate Activities
activity, the credit is a passive activity
credit, and you must also file Form 3800.
Limited partners only. The 28% rate
Limited partners only. Report this
Code B7. General partner’s alternative
gain or (loss) is treated as being from a
amount on line 11m of Form 3468.
minimum tax adjustment from rental
trade or business that is a single passive
Because the credit is treated as being
real estate activities. An AMT
activity. If a gain is reported, include it on
from a single passive activity, you must
adjustment must be reported on line 16 of
line 4 of the 28% Rate Gain Worksheet in
also file Form 3800.
-8-
Instructions for Schedule K-1 (1065-B) (2010)
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