Instructions For Form 8810 - Corporate Passive Activity Loss And Credit Limitations - 2006 Page 6
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11Specific Instructions
Worksheet 1 —Computation of Income, Gains, Deductions, and Losses
for Worksheet 2
Note. Complete Worksheets 1 and 2 before
completing Part I of Form 8810.
Worksheet 1
Name of Activity:
Name of Activity:
Use Worksheet 1 to figure the total current
year income, gains, deductions, and losses for
1.
Gross receipts . . . . . . . . .
each passive activity.
Lines 1 through 4. Enter on these lines the
2.
Schedule D (Form 1120)
gross receipts and other income from passive
gains . . . . . . . . . . . . . . . .
activities and passive activity gains reported on
3.
Form 4797 gains . . . . . . . .
Form 4797 and Schedule D (Form 1120).
Line 5. Enter total income on this line and in
4.
Other passive income . . . .
column (a) of Worksheet 2.
Lines 6a through 6l. Enter passive activity
5.
Total income. Add lines 1
deductions.
through 4. Enter the result
Lines 8 and 9. Enter PALs reported on
here and in column (a) of
Schedule D (Form 1120) and Form 4797.
Worksheet 2 . . . . . . . . . . .
Line 10. Enter total deductions and losses on
this line and in column (b) of Worksheet 2.
6.
Deductions: . . . . . . . . . .
Gross receipts, gains from the sale of business
assets, capital gains, and other passive income
a. Cost of goods sold . . . . . .
should also be entered on the forms and
schedules normally used. Allowable passive
b. Compensation of officers . .
activity deductions and losses are entered on
c. Salaries and wages . . . . . .
the forms and schedules after Form 8810 is
completed and the deductions and losses are
d. Repairs and maintenance . .
allocated to the activities.
e. Bad debts . . . . . . . . . . . .
Worksheet 2
f. Rents . . . . . . . . . . . . . . .
Columns (a) and (b). Enter in column (a) the
g. Taxes and licenses . . . . . .
total income for the current year shown on line
5 in Worksheet 1. Enter in column (b) the total
h. Interest . . . . . . . . . . . . . .
deductions and losses shown on line 10 in
i.
Depreciation . . . . . . . . . . .
Worksheet 1.
Column (c). Enter the prior year unallowed
j.
Depletion . . . . . . . . . . . . .
losses that can be found in Worksheet 4,
column (c) of the 2005 Form 8810 instructions.
k. Advertising . . . . . . . . . . . .
Totals. The total from columns (a), (b), and (c)
l.
Other deductions . . . . . . . .
of Worksheet 2 are entered on lines 1a, 1b,
and 1c of Form 8810.
7.
Total deductions. Add lines
Columns (d) and (e). Combine income,
6a through 6l . . . . . . . . . .
deductions, and losses in columns (a) through
(c) for each activity. Enter any overall gain in
8.
Schedule D (Form 1120)
column (d) or any overall loss in column (e). Do
losses . . . . . . . . . . . . . . .
not enter the amounts in columns (d) and (e)
on Form 8810. These amounts will be used
9.
Form 4797 losses . . . . . . .
when Form 8810 is completed to figure the
loss allowed for the current year.
10. Total deductions and
losses. Add lines 7 through
9. Enter the result here and
in column (b) of Worksheet 2
Worksheet 2 for Form 8810, Lines 1a, 1b, and 1c
Current Year
Prior Year
Overall Gain or Loss
Name of Activity
(a) Income
(b) Deductions and
(c) Unallowed
(d) Gain
(e) Loss
(Line 1a)
Losses (Line 1b)
Losses (Line 1c)
Totals. Enter on lines 1a, 1b, and
1c of Form 8810 . . . . . . . . . . . .
-6-
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