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 3
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13However, the determination of whether
Worksheet for Adjusting the Basis of a
an activity is a passive activity must be
Keep for Your Records
Partner's Interest in the Partnership
made by any partner who is either a:
General partner, or
1. Your adjusted basis at the end of the prior year. Do not enter less than zero.
Limited partner who is a disqualified
Enter -0- if this is your first tax year . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.
person (as defined, earlier) with respect to
items of income, gain, loss, deduction,
Increases:
and credit attributable to partnership oil
2. Money and your adjusted basis in property contributed to the partnership
and gas properties.
less the associated liabilities (but not less than zero) . . . . . . . . . . . . . . .
2.
In addition, the partnership is required
3. Your increased share of or assumption of partnership liabilities. (Subtract
to provide each general partner and
your share of liabilities shown on your 2013 Schedule K-1 from your share
disqualified person the information
of liabilities shown on your 2014 Schedule K-1 and add the amount of any
necessary to comply with the passive
partnership liabilities you assumed during the tax year. Do not enter less
activity rules of section 469. Items of
than zero.)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
income, gain, loss, credit, etc., must be
4. Your share of the partnership's income or gain (including tax-exempt
separately reported to general partners for
income) reduced by any amount included in interest income with respect to
each trade or business, rental real estate,
the credit to holders of clean renewable energy bonds . . . . . . . . . . . . . .
4.
and other rental activity.
5. Any gain recognized this year on contributions of property. Do not include
Except for the PTP discussion,
gain from transfer of liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.
later, the following information on
!
Decreases:
passive activity limitations applies
CAUTION
only to general partners.
6. Withdrawals and distributions of money and the adjusted basis of property
distributed to you from the partnership. Do not include the amount of
Generally, passive activities include:
property distributions included in the partner's income (taxable
income) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
1. Trade or business activities in
which you did not materially participate,
Caution. A distribution may be taxable if the amount exceeds your adjusted
and
basis of your partnership interest immediately before the distribution.
2. Activities that meet the definition of
7. Your decreased share of partnership liabilities and any decrease in your
rental activities under Temporary
individual liabilities because they were assumed by the partnership.
Regulations section 1.469-1T(e)(3) and
(Subtract your share of liabilities shown on your 2014 Schedule K-1 from
Regulations section 1.469-1(e)(3).
your share of liabilities shown on your 2013 Schedule K-1 and add the
amount of your individual liabilities that the partnership assumed during the
Passive activities do not include the
tax year. Do not enter less than zero.) . . . . . . . . . . . . . . . . . . . . . . . . .
7.
following.
8. Your share of the partnership's nondeductible expenses that are not capital
1. Trade or business activities in
expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
which you materially participated.
9. Your share of the partnership's losses and deductions (including capital
2. Rental real estate activities in which
losses)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
you materially participated if you were a
real estate professional for the tax year.
10. Your adjusted basis in the partnership at the end of this tax year. (Add lines
1 through 5 and subtract lines 6 through 9 from the total. If zero or less,
You were a real estate professional only if
enter -0-.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
you met both of the following conditions.
a. More than half of the personal
Caution. The deduction for your share of the partnership's losses and
deductions is limited to your adjusted basis in your partnership interest. If
services you performed in trades or
you entered zero on line 10 and the amount computed for line 10 was less
businesses were performed in real
than zero, a portion of your share of the partnership losses and deductions
property trades or businesses in which
may not be deductible (see
Basis Rules
above for more information).
you materially participated and
b. You performed more than 750
hours of services in real property trades or
Passive Activity Limitations
If the publicly traded partnership
businesses in which you materially
(PTP) box on Schedule K-1 is
!
Section 469 provides rules that limit the
participated.
checked, do not report passive
deduction of certain losses and credits.
CAUTION
income (loss) from the partnership on
If you are married filing jointly, either
These rules apply to partners who:
Form 8582. See the special rules for
you or your spouse must separately meet
Are individuals, estates, trusts, closely
PTPs, later.
both of the above conditions, without
held C corporations (other than S
taking into account services performed by
corporations), or personal service
Corporations. Use Form 8810,
the other spouse.
corporations; and
Corporate Passive Activity Loss and
Have a passive activity loss or credit for
Credit Limitations. See the instructions for
Note. For a closely held C corporation
the tax year.
more information.
(defined in section 465(a)(1)(B)), the
above conditions are treated as met if
Individuals, estates, and trusts. If you
For limited partners of an ELP, all
more than 50% of the corporation's gross
have a passive activity loss or credit, use
income, loss, deductions, and credits from
receipts were from real property trades or
Form 8582, Passive Activity Loss
trade or business and rental activities
businesses in which the corporation
Limitations, to figure your allowable
generally are reported as being from a
materially participated.
passive losses and Form 8582-CR,
trade or business that is a single passive
Passive Activity Credit Limitations, to
For purposes of this rule, each interest
activity.
figure your allowable passive credits.
in rental real estate is a separate activity,
unless you elect to treat all interests in
rental real estate as one activity. For
Instructions for Schedule K-1 (1065-B)
-3-
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