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) - 2014 Page 10

separate line in Part II is needed on Form

deductible on your income tax return, but

Code K7(c). Deductions allocated

1116.

they do affect your basis.

and apportioned at partnership level

to other foreign source income.

Code K2. Gross income from all sour-

Code M3. Unrelated business taxable

ces. Enter this amount on Form 1116,

income. The partnership must give you

Code K8(a). Total foreign taxes paid.

line 3e.

any information you need to figure

Include this amount in Part II of Form

unrelated business taxable income under

1116.

Code K3. Gross income sourced at

section 512(a)(1) (but excluding any

partner level. Although all this income

Code K8(b). Total foreign taxes ac-

modifications required by paragraphs (8)

reported has been apportioned to foreign

crued. Include this amount in Part II of

through (15) of section 512(b)) for a

source categories of income, you must

Form 1116.

partner that is a tax-exempt organization.

nevertheless determine whether the

Note. The partnership will attach a

income being reported is U.S. source

Reminder. A partner is required to notify

statement that separately identifies any

income or foreign source income. See the

the partnership of its tax-exempt status.

arrangement, along with the taxes paid or

Instructions for Form 1116 for the rules to

Code M4. Health insurance. Include

accrued in connection with the

source the income reported to you. Enter

any amounts paid during the tax year for

arrangement, in which the partnership

only foreign source income on lines 1a

insurance that constitutes medical care for

participates that would qualify as a splitter

and 3d of Form 1116. A separate Form

you, your spouse, your dependents, and

arrangement under section 909 if one or

1116 or 1118 is required for each foreign

your children under age 27 who are not

more partners are covered persons with

source category of income. Do not include

respect to an entity that took into account

dependents on line 29 of your 2014 Form

income that you determined to be U.S.

1040. You may be allowed to deduct such

related income from the arrangement. The

source income.

amounts, even if you do not itemize

statement will also indicate whether the

Codes K4(a) Through K4(c). Foreign

deductions. If you do itemize deductions,

partnership has taken into account any

gross income sourced at partnership

enter on line 1 of Schedule A (Form 1040)

related income from any such splitter

level. The following types of income have

arrangement. See section 909 and the

any amounts not deducted on line 29 of

already been sourced for you by the

Form 1040.

related regulations for rules regarding

partnership. Include these amounts on

splitter arrangements.

Code M5. Distributions of money (cash

lines 1a and 3d of the applicable Form

and marketable securities). This

Code K9. Reduction in taxes available

1116 (that is, the Form 1116 for each

amount includes the distributions the

for credit. Enter this amount on Form

category of income provided to you).

partnership made to you of cash and

1116, line 12.

Code K4(a). Passive category

certain marketable securities. The

foreign source income.

marketable securities are included at their

Code K4(b). General category

Code L. Oil and Gas Activities

fair market value (FMV) on the date of

foreign source income.

Generally, oil and gas income, deductions,

distribution (minus your share of the

Code K4(c). Other foreign source

credits, and other items are included in

partnership's gain on the securities

income.

your share of income or loss from passive

distributed to you). If this amount exceeds

Code K5. Interest expense allocated

loss limitation activities, general credits,

the adjusted basis of your partnership

and apportioned at the partner level.

and the alternative minimum tax

interest immediately before the

Include this amount on line 4b of the

adjustment.

distribution, the excess is treated as gain

applicable Forms 1116.

from the sale or exchange of your

However, shares of all oil and gas

partnership interest. Generally, this gain is

Code K6. Other expenses allocated

income, deductions, credits, and other

treated as gain from the sale of a capital

and apportioned at the partner level.

items are separately reported to partners

asset and should be reported on Form

Include this amount on line 2 of the

who are disqualified persons in

8949 and the Schedule D for your return.

applicable Forms 1116.

accordance with the regular partnership

However, the gain may be ordinary

rules, here or on an attached statement.

income. For details, see Pub. 541.

Note. For Codes K5 and K6, do not

include any expenses allocated and

The partnership must separately

Note. A partner must notify the ELP of its

apportioned to U.S. source income on any

identify both of the following.

status as a “disqualified person.”

line of Part I of Form 1116.

The FMV of the marketable securities

Codes K7(a) Through Codes K7(c).

when distributed (minus your share of the

Codes M1 Through M9.

Deductions allocated and apportioned

gain on the securities distributed to you).

Miscellaneous

at partnership level to foreign source

The partnership's adjusted basis of

income. The following codes report the

those securities immediately before the

Code M1. Other tax-exempt income.

expenses allocated and apportioned by

distribution.

Increase the adjusted basis of your

the partnership to foreign source

Decrease the adjusted basis of your

interest in the partnership by this amount,

categories of income. Include these

interest in the partnership (but not below

but do not include it in income on your

amounts on line 2 of the applicable Forms

zero) by the amount of cash distributed to

income tax return.

1116 (that is, the Forms 1116 for each

you and the partnership's adjusted basis

category of income provided to you).

of the distributed securities. Advances or

Note. The partnership will attach a

Code K7(a). Deductions allocated

drawings of money or property against

statement to Schedule K-1 for the amount

and apportioned at partnership level

your share are treated as current

included in box 9, Code M-1, that is

to passive category foreign source

distributions made on the last day of the

exempt due to section 892 and describe

income.

partnership's tax year.

the nature of the income.

Code K7(b). Deductions allocated

Your basis in the distributed

Code M2. Nondeductible expenses.

and apportioned at partnership level

marketable securities (other than in

Decrease the adjusted basis of your

to general category foreign source

liquidation of your interest) is the smaller

interest in the partnership by this amount.

income.

of:

The nondeductible expenses paid or

incurred by the partnership are not

Instructions for Schedule K-1 (1065-B)

-10-

0 votes

Top 20 Happy Easter Cards And Gift Tags To Download For Free

Top Ten Easter Arts And Crafts Activities For Your Kids

Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

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) - 2016 Financial

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) - 2001 Financial

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) - 2009 Financial

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) - 2007 Financial

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) - 2011 Financial

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) - 2004 Financial

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 Financial

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 Financial

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) - 2002 Financial

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) - 2008 Financial

Related Categories

Parent category: Financial

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) - 2014 Page 10

Related Articles

Related forms

Related Categories