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 11
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13(QSB) stock (as defined in the Instructions
Opting out of partnership election.
The partnership's adjusted basis in the
for Schedule D) is eligible for the section
You can opt out of the partnership's
securities immediately before the
1202 exclusion. The partnership must also
section 1045 election and either (1)
distribution increased by any gain
recognized on the distribution of the
provide you with:
recognize the gain or (2) elect to purchase
different replacement QSB stock, either
securities, or
The name of the corporation that
directly or through ownership of a different
issued the QSB stock,
The adjusted basis of your partnership
partnership that acquired replacement
interest reduced by any cash distributed in
Your share of the partnership's
QSB stock. You satisfy the requirement to
the same transaction and increased by
adjusted basis of the QSB stock,
purchase replacement QSB stock if you
any gain recognized on the distribution of
Your share of the partnership's sales
own an interest in a partnership that
the securities.
price of the QSB stock, and
purchases QSB stock during the 60-day
The dates the QSB stock was bought
If you received the securities in
period. You also must notify the
and sold.
liquidation of your partnership interest,
partnership, in writing, if you opt out of the
your basis in the marketable securities is
Corporate partners are not eligible for
partnership's section 1045 election. If you
equal to the adjusted basis of your
the section 1202 exclusion. The following
recognize gain, you must notify the
partnership interest reduced by any cash
additional limitations apply at the partner
partnership, in writing, of the amount of
distributed in the same transaction and
level.
gain that you are recognizing.
increased by any gain recognized on the
You must have held an interest in the
distribution of the securities.
Code M9. Gain eligible for section
partnership when the partnership acquired
1045 rollover–stock not replaced. This
the QSB stock and at all times thereafter
If, within 7 years of a distribution to you
gain is eligible for the section 1045
until the partnership disposed of the QSB
of marketable securities, you contributed
rollover. Replacement stock has not been
stock.
appreciated property (other than those
purchased by the partnership. The
Your share of the eligible section 1202
securities) to the partnership and the FMV
partnership must also provide you with:
gain cannot exceed the amount that would
of those securities exceeded the adjusted
The name of the corporation that
have been allocated to you based on your
basis of your partnership interest
issued the QSB stock,
interest in the partnership at the time the
immediately before the distribution
Your share of the partnership's
QSB stock was acquired.
(reduced by any cash received in the
adjusted basis of the QSB stock,
distribution), you may have to recognize
See the Instructions for Schedule D
gain on the appreciated property. See
Your share of the partnership's sales
(Form 1040) and the Instructions for Form
price of the QSB stock,
section 737 for details.
8949 for details on how to report the gain
The dates the QSB stock was bought
and the amount of the allowable exclusion.
Code M6. Distributions of property
and sold, and
other than money. Box 9, Code M6,
Code M8. Gain eligible for section
Your share of the gain from the sale of
shows the partnership's adjusted basis of
1045 rollover–stock replaced. This gain
the QSB stock.
property other than money immediately
is eligible for the section 1045 rollover.
Corporate partners are not eligible for
before the property was distributed to you.
Replacement stock has been purchased
the section 1045 rollover. To qualify for the
In addition, the partnership should attach a
by the partnership. The partnership must
section 1045 rollover:
statement showing the cost basis and
also provide you with:
You must have held an interest in the
FMV of each property distributed.
The name of the corporation that
partnership during the entire period in
Decrease the adjusted basis of your
issued the QSB stock,
which the partnership held the QSB stock,
interest in the partnership by the amount
Your share of the partnership's
of your basis in the distributed property.
Your share of the gain eligible for the
adjusted basis of the QSB stock,
section 1045 rollover cannot exceed the
Your basis in the distributed property
Your share of the partnership's sales
amount that would have been allocated to
(other than in liquidation of your interest) is
price of the QSB stock,
you based on your interest in the
the smaller of:
The dates the QSB stock was bought
partnership at the time the stock was
The partnership's adjusted basis
and sold,
acquired, and
immediately before the distribution, or
Your share of gain from the sale of the
You must purchase other QSB stock
The adjusted basis of your partnership
QSB stock, and
(as defined in the Instructions for
interest reduced by any cash distributed in
Your share of the gain that was deferred
Schedule D (Form 1040) and the
the same transaction.
by the partnership under section 1045.
Instructions for Form 8949) and during the
If you received the property in
Corporate partners are not eligible for
60-day period that began on the date the
liquidation of your interest, your basis in
the section 1045 rollover. To qualify for the
QSB stock was sold by the partnership.
the distributed property is equal to the
section 1045 rollover:
See the Instructions for Schedule D
adjusted basis of your partnership interest
You must have held an interest in the
(Form 1040) and the Instructions for Form
reduced by any cash distributed in the
partnership during the entire period in
8949 for details on how to report the gain
same transaction.
which the partnership held the QSB stock,
and the amount of the allowable
If you contributed appreciated property
and
postponed gain.
to the partnership within 7 years of a
Your share of the gain eligible for the
distribution of other property to you, and
section 1045 rollover cannot exceed the
Making the section 1045 election.
the FMV of the other property exceeded
amount that would have been allocated to
You make a section 1045 election on a
the adjusted basis of your partnership
you based on your interest in the
timely filed return for the tax year during
interest immediately before the distribution
partnership at the time the QSB stock was
which the partnership's tax year ends.
(reduced by any cash received in the
Attach to your Schedule D (Form 1040) a
acquired.
distribution), you may have to recognize
statement that includes the following
See the Instructions for Schedule D
gain on the appreciated property. See
information for each amount of gain that
(Form 1040) and the Instructions for Form
section 737 for details.
you do not recognize under section 1045.
8949 for details on how to report the gain
The name of the corporation that issued
Code M7. Gain eligible for section
and the amount of the allowable
the QSB stock.
1202 exclusion. This gain from the sale
postponed gain.
or exchange of qualified small business
Instructions for Schedule K-1 (1065-B)
-11-
ADVERTISEMENT
0 votes
Related Articles
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
Related Categories
Parent category: Financial