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 7
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13separate line of Part II of Schedule E
for the “dividends received by
report the box 7 amount on Form 3800,
(Form 1040).
corporations deduction” under section
Part III, as a credit from a passive activity.
243(a), (b), or (c).
Box 1. Taxable Income (Loss)
Box 8. Low-Income Housing
Box 4a. Net Capital Gain or
From Passive Activities
Credit
(Loss) From Passive Activities
Limited partners only. Enter the amount
Limited partners only. Any amount
reported in box 8 of Schedule K-1 on Form
reported in box 1 is treated as being from
Limited partners only. The net capital
8586, Low-Income Housing Credit, line 4.
a trade or business that is a single passive
gain (loss) reported in box 4a is treated as
If an amount is reported in box 8, all of the
activity. Report this amount as follows.
being from a trade or business that is a
low-income housing credit is for buildings
single passive activity. If a net capital gain
If income is reported in box 1, report the
placed in service before 2008. If any of the
is reported in box 4a, report the gain on
income on Schedule E (Form 1040),
low-income housing credit is for buildings
Schedule D (Form 1040), line 12.
line 28, column (g). However, if the PTP
placed in service after 2007, the
box is checked, report the income
If a loss is reported in box 4a, report it
partnership will enter “STMT” in box 8 and
following the rules for Publicly traded
following the Form 8582 instructions to
attach a statement which lists separately
partnerships, earlier.
figure how much of the loss can be
the amount of the credit for buildings
If a loss is reported in box 1, follow the
reported on Schedule D (Form 1040),
placed in service prior to 2008 (reported
Instructions for Form 8582 to figure how
line 12. However, if the PTP box is
on Form 8586, line 4, or Form 3800, Part
much of the loss can be reported on
checked, report the loss following the
lll, line 1d), and the amount for buildings
Schedule E (Form 1040), line 28, column
rules for Publicly traded partnerships,
placed in service after 2007 (reported on
(f). However, if the PTP box is checked,
earlier.
Form 8586, line 11, or Form 3800, Part lll,
report the loss following the rules for
line 4d). See the Instructions for Form
If you have any foreign source
Publicly traded partnerships, earlier.
8586 for more information.
capital gains or losses, see the
!
Box 2. Taxable Income (Loss)
instructions for box 9, Code K.
Box 9. Other
CAUTION
From Other Activities
Box 4b. Net Capital Gain or
Codes A Through C
This amount is not subject to the passive
(Loss) From Other Activities
activity limitations. Report the amount as
General partners in an ELP must
follows.
separately account for any items
Net capital gain or (loss) from other
attributable to passive loss limitation
If the amount is income, report it on
activities is not subject to the passive
activities to the extent necessary to
Schedule E (Form 1040), line 28, column
activity limitations. Report the gain or
comply with the section 469 passive loss
(j).
(loss) on Schedule D (Form 1040), line 12.
rules. Therefore, the partnership is
If the amount is a loss, report it on
If you have any foreign source
required to report income or (loss), capital
Schedule A (Form 1040), line 28.
capital gains or losses, see the
!
gain or (loss), 28% rate gain or (loss),
instructions for box 9, Code K.
Note. If the amount of interest included in
credits, and the alternative minimum tax
CAUTION
box 2 includes interest from the credit to
adjustment separately for all trade or
Box 5. Net Passive AMT
holders of clean renewable energy bonds,
business activities, rental real estate
Adjustment
the partnership will attach a statement to
activities, and rental activities other than
Schedule K-1 showing your share of
rental real estate.
Limited partners only. Use this amount
interest income from these credits.
Code A1. General partner's taxable in-
(as well as your adjustments and tax
Because the basis in your partnership
come (loss) from trade or business ac-
preference items from other sources) to
interest is increased by your share of the
tivities. Report Code A1 income (loss)
prepare your Form 6251, Alternative
interest income from these credits, you
from partnership trade or business
Minimum Tax—Individuals; Form 4626,
must reduce your basis by the same
activities in which you materially
Alternative Minimum Tax—Corporations;
amount to offset the increase. See Line 4
participated on Schedule E (Form 1040),
or Schedule I (Form 1041), Alternative
of the Worksheet for Adjusting the Basis of
line 28, column (h) or (j). See the
Minimum Tax—Estates and Trusts. The
a Partner's Interest in the Partnership,
instructions to determine whether you
adjustment is treated as being from a
earlier.
materially participated in a trade or
trade or business that is a single passive
Box 3. Qualified Dividends
business activity.
activity.
Report Code A1 income or (loss) from
Report this amount on lines 9a and 9b of
Individuals should enter the amount on
partnership trade or business activities in
Form 1040.
Form 6251, line 19, where it is taken into
which you did not materially participate as
account with adjustments and preferences
Note. Qualified dividends are excluded
follows.
from other passive activities.
from investment income, but you can elect
1. Report any income on Schedule E
Box 6. Net Other AMT
to include part or all of these amounts in
(Form 1040), line 28, column (g).
Adjustment
investment income. See the instructions
However, if the PTP box on Schedule K-1
for line 4g of Form 4952, Investment
is checked, report the income following
Individual general and limited partners
Interest Expense Deduction, for important
should enter this amount on Form 6251,
the rules for Publicly traded partnerships,
information on making this election.
earlier.
line 16.
If you have any foreign source
2. Report a loss following the
Box 7. General Credits
qualified dividends, see the
Instructions for Form 8582 to figure how
!
Limited partners only. Enter this amount
instructions for box 9, Code K.
much of the loss can be reported on
CAUTION
from box 7 on Form 3800, General
Schedule E (Form 1040), line 28, column
Business Credit, Part III, line 1bb.
(f). However, if the PTP box is checked,
Note. In the case of a corporate partner,
Because general credits are treated as
report the loss following the rules for
the partnership will attach a statement to
being from a trade or business that is a
Publicly traded partnerships, earlier.
the Schedule K-1 explaining what part of
single passive activity, you must also
the dividends included in box 3 is eligible
Instructions for Schedule K-1 (1065-B)
-7-
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