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 13
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13on Form 1040, line 62. See the
Form 8886, Reportable Transaction
5. Any income previously deferred as
instructions for line 62 of Form 1040 for
Disclosure Statement, both you and the
a result of a section 108(i) election that is
details.
partnership may be required to file Form
includible in the current year. See section
8886 for the transaction. The
108(i) for events that will cause previously
determination of whether you are required
deferred income to be reportable, and a
Code U. Net Investment Income
to disclose a transaction of the partnership
special rule for allocating deferred income
The partnership may use this Code U to
is based on the category(s) under which
to partners.
report information you may need to
the transaction qualifies for disclosure and
6. The current year section 108(i) OID
determine your net investment income tax
is determined by the partnership. See the
deduction. The partnership will provide
under section 1411 including information
Instructions for Form 8886 for details.
your share of the partnership's OID
regarding income from controlled foreign
Conservation reserve program
deduction deferred under section 108(i)(2)
corporations (CFCs) and passive foreign
payments. Individuals who received social
(A)(i) that is allowable as a deduction in
investment companies (PFICs) the stock
security retirement or disability benefits,
the current tax year under section 108(i)
of which is owned by the partnership. Any
and are partners in a farm partnership that
(2)(A)(ii) or section 108(i)(5)(D)(i) or (ii).
information that is not provided elsewhere
receives conservation reserve program
on Schedule K-1 (or an attachment to
The information needed to complete
payments, do not pay self-employment tax
Schedule K-1) is provided using Code U.
Schedule P (Form 1120-F), List of Foreign
on their share of the conservation reserve
For CFCs and PFICs that you treat as
Partner Interests in Partnerships. When
payments. The partnership will report your
qualified electing funds (QEFs), the
required, the partnership will make this
share of the conservation reserve program
information that is relevant to you will
report on an attached statement to
payments in box 9 using Code V. See
depend on whether you, the partnership,
partners that are a corporation identified
Schedule SE (Form 1040) for information
or a lower-tier entity has made an election
as a foreign partner under Regulations
on excluding the payments from your
under Regulations section 1.1411-10(g)
section 1.1446-1(c)(3) or partners that are
calculation of self-employment tax.
with respect to the CFC or QEF. For
a partnership (domestic or foreign) if the
Gain or loss attributable to the sale or
example, if the partnership made an
reporting partnership knows, or has
exchange of qualified preferred stock of
election under Regulations section
reason to know, that one or more of the
the Federal National Mortgage
1.1411-10(g) for a CFC the stock of which
partners is a foreign corporation. If the
Association (Fannie Mae) and the Federal
is owned by the partnership, and the
partnership allocates effectively
Home Loan Mortgage Corporation
relevant income and deduction items
connected income to the partner, the
(Freddie Mac). The partnership will report
derived from that CFC are reported
statement will contain the information
on an attached statement the amount of
elsewhere on the Schedule K-1, then you
needed to complete lines 1 through 10,
gain or loss attributable to the sale or
will not need the information provided
13, 14, 15b, 17a, 17b, and 18 of
exchange of the qualified preferred stock,
using Code U to complete your Form
Schedule P (Form 1120-F). If the
the date the stock was acquired by the
8960.
partnership does not allocate effectively
partnership, and the date the stock was
connected income to the partner, the
sold or exchanged by the partnership. If
If you are an individual who is a U.S.
statement will contain the information
the partner is not a financial institution,
citizen or resident, or a domestic trust or
needed to complete lines 13, 14, and 18 of
report the gain or loss on line 5 or line 12
estate, follow the Instructions for Form
Schedule P (Form 1120-F), information
of Schedule D (Form 1040) in accordance
8960 to figure and report your net
that might be relevant for purposes of
with the instructions for Schedule D. If a
investment income and adjusted gross
completing Schedule P in determining
partner is a financial institution referred to
income or modified adjusted gross
your interest expense deduction under
in section 582(c)(2) or a depositary
income. Corporate partners are not
Regulations section 1.882-5.
institution holding company (as defined in
subject to the net investment income tax.
The partner's share of the credit for
section 3(w)(1) of the Federal Deposit
See Regulations sections 1.1411-1
each separate bond credit that was
Insurance Act), report the gain or loss in
through 10 for details.
reported on the partnership's Form 8912.
accordance with the Instructions for Form
Do not add these amounts to your income,
4797 and Rev. Proc. 2008-64, 2008-47
Code V. Other Information
as they were included in the income (loss)
I.R.B. 1195.
reported in box 1 or 2. The partnership will
If the partnership made a section 108(i)
The partnership will use Code V to report
report the following credits separately:
election or allocates any section 108(i)
the following to partners.
clean renewable energy bond credit, new
items to its partners, it will provide a
The recapture of any credit (other than
clean renewable energy bond credit,
statement identifying your share of the
partnership level low-income housing
qualified energy conservation bond credit,
following.
credit or investment credit) is reported to
qualified zone academy bond credit,
you as a separately stated item. See the
1. The deferred section 108(i)
qualified school construction bond credit,
instructions for the specific form identified
cancellation of debt (COD) income that
and build America bond credit.
with the credit for more information on
has not been included in income in the
Excess farm loss limitation. If the
reporting the recapture.
current or prior tax years.
partnership has deductions attributable to
Any information a partner that is a
2. The partnership's original issue
a farming activity, it will provide a
publicly traded partnership may need to
discount (OID) deduction deferred under
statement showing the aggregate gross
determine if it meets the 90% qualifying
section 108(i)(2)(A)(i) that has not been
income or gain and the aggregate
income test of section 7704(c)(2).
deducted in the current or prior tax years.
deductions from the farming activity that
Partners are required to notify the
3. The deferred section 752 amount
you need to figure any excess farm loss
partnership of their status as a publicly
that is treated as a distribution of money
limitation. See section 461(j) for details.
traded partnership.
under section 752 in the current tax year.
Any other information you may need to
Any information you need to complete a
file with your return not shown elsewhere
4. The deferred section 752 amount
disclosure statement for reportable
on Schedule K-1. The partnership must
remaining as of the end of the current tax
transactions in which the partnership
give you a description and the amount of
year.
participates. If the partnership participates
your share for each of these items.
in a transaction that must be disclosed on
Instructions for Schedule K-1 (1065-B)
-13-
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