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 9

line 4 of the 28% Rate Gain Worksheet in

amount on Form 1040, line 8b. Increase

Code C1. General partner's taxable in-

the Instructions for Schedule D (Form

the adjusted basis of your interest in the

come or (loss) from other rental activi-

1040).

partnership by this amount.

ties. Income (loss) reported in box 9,

Code C1, is a passive activity amount for

If a loss is reported, report the loss

Code I. Limited Partner's

all general partners. Report a loss

following the Instructions for Form 8582 to

following the Instructions for Form 8582.

figure how much of the loss can be

Rehabilitation Credit From Rental

Report income on Schedule E (Form

included on line 4 of the 28% Rate Gain

Real Estate Activities

1040), line 28, column (g). However, if the

Worksheet in the Instructions for

PTP box is checked, report the income

Schedule D (Form 1040). However, if the

Limited partners only. Report this

(loss) following the rules for Publicly

PTP box is checked, report the loss

amount on Form 3468, line 11m. Because

traded partnerships, earlier.

following the rules for Publicly traded

the credit is treated as being from a single

partnerships, earlier.

passive activity, you must also file Form

Code C2. General partner's net capital

3800.

gain or (loss) from other rental activi-

Code E. Limited Partner's 28%

ties. The net capital gain (loss) from other

Codes J1 and J2. Self-Employment

rental activities is a passive activity

Rate Gain or (Loss) From Other

amount for all general partners. Report the

Activities

Code J1. Net earnings or (loss) from

gain on Schedule D (Form 1040), line 12.

self-employment. Enter this amount on

The 28% gain or (loss) from other

Report a loss following the Instructions for

Schedule SE (Form 1040), line 2,

activities is not subject to the passive

Form 8582 to figure how much of the loss

Section A or B, whichever is applicable.

activity limitations. Include it on line 4 of

can be reported on Schedule D (Form

General partners should reduce this

the 28% Rate Gain Worksheet in the

1040), line 12. However, if the PTP box is

amount by unreimbursed partnership

Instructions for Schedule D (Form 1040).

checked, report the loss following the

expenses claimed. General partners who

rules for Publicly traded partnerships,

are disqualified persons also should

earlier.

Code F. Guaranteed Payments

reduce this amount by depletion claimed

Code C3. General partner's 28% rate

Generally, these amounts are not passive

on oil and gas properties. If this amount is

gain or (loss) from other rental activi-

income. Report them on Schedule E

a loss, enter only the deductible amount

ties. The 28% rate gain or (loss) from

(Form 1040), line 28, column (j) (for

on Schedule SE. For purposes of

other rental activities is a passive activity

example, guaranteed payments for

self-employment tax, no income from an

amount for all general partners. If the

personal services).

ELP is treated as farming or fishing

amount is a gain, include it on line 4 of the

income.

28% Rate Gain Worksheet in the

Code G. Income From Discharge

Code J2. Gross nonfarm income.

Instructions for Schedule D (Form 1040).

of Indebtedness

Individual partners use this amount to

Report a loss following the Instructions for

figure net earnings from self-employment

Form 8582 to figure how much of the loss

The amount reported under Code G is

under the nonfarm optional method on

can be included on line 4 of the 28% Rate

excluded from your gross income to the

Schedule SE (Form 1040), Section B, Part

Gain Worksheet in the Instructions for

extent provided in section 108 if the

II.

Schedule D (Form 1040). However, if the

discharge:

PTP box is checked, report the loss

Occurred in a title 11 case relating to

Codes K1 Through K9. Foreign Tax

following the rules for Publicly traded

bankruptcy;

partnerships, earlier.

Credit Information

Occurred when you were insolvent;

Involved qualified farm indebtedness;

Code C4. General partner's general

Use the information reported under Codes

as defined in section 108(g); or

credits from other rental activities.

K1 through K9 to figure your foreign tax

Involved qualified real property

Report the general credits on Form 3800,

credit. Caution. Taxpayers filing Form

business indebtedness, as defined in

Part III, line 1bb. Because general credits

1116, Foreign Tax Credit – If you have any

section 108(c)(3), unless the partner is a C

from other rental activities are passive

qualified dividends, capital gains

corporation.

activity credits for all general partners, you

(including any capital gain distributions) or

must also report the general credits on

capital losses, you may have to make

Form 3800, Part III, as a credit from a

This amount is applied, instead, to

certain adjustments to those amounts

passive activity.

reduce certain tax attributes. File Form

before taking them into account on Form

982, Reduction of Tax Attributes Due to

1116. For more information, see Form

Code C5. General partner's alternative

Discharge of Indebtedness (and Section

1116, Foreign Tax Credit (Individual,

minimum tax adjustment from other

1082 Basis Adjustment), to explain why

Estate, or Trust) and its instructions; Form

rental activities. An AMT adjustment

any amount received from the discharge

1118, Foreign Tax Credit—Corporations,

must be reported on Form 6251, line 16.

of indebtedness should be excluded and

and its instructions; and Pub. 514, Foreign

However, if the AMT adjustment is from a

to report your reduction of tax attributes.

Tax Credit for Individuals. See the

passive activity, it must be taken into

Instructions for Form 1116 for detailed

account on line 19 with adjustments and

instructions for reporting foreign tax

For a discharge of indebtedness not

preferences from other passive activities

information from partnerships.

described above, you must include this

instead of being reported on line 16.

amount in income on Form 1040, line 21.

Code K1. Name of foreign country or

U.S. possession. Include on Form 1116,

Code D. Limited Partner's 28%

Code H. Tax-Exempt Interest

Part I, item g. For each country reported,

Rate Gain or (Loss) From Passive

the partnership must give you the amount

Income

Activities

and a description of your share of the

Report on your income tax return, as an

following items for Codes K2 through K9.

Limited partners only. The 28% rate

item of information, your share of the

For each country or possession being

gain or (loss) is treated as being from a

tax-exempt interest received or accrued

reported, a separate column in Part I and a

trade or business that is a single passive

by the partnership during the year.

activity. If a gain is reported, include it on

Individual partners must include this

Instructions for Schedule K-1 (1065-B)

-9-

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