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The entire amount of guaranteed payments received by the owner of

Line U – Composite Payment Made on Behalf of the

the subchapter K entity should be reported on this line of the Schedule

Owner/Shareholder.

K-1, if the owner is an Alabama resident individual. The apportioned

Pass-through entity owners that are individuals would claim this

amount of the guaranteed payments received by the owner of the sub-

amount on the Alabama Form 40 or Alabama Form 40NR.

chapter K entity should be reported on this line, if the owner is an indi-

vidual, but not an Alabama resident.

Line V – U.S. Income Taxes Paid.

Line O – Section 179 Expense.

Pass-through entity owners that are individuals would report this

amount on the Alabama Form 40 or Alabama Form 40NR.

Pass-through entity owners that are individuals would claim this

amount on the Form 4562, Depreciation and Amortization, which

Line W – Casualty Losses.

accompanies the individual’s Alabama Form 40 or Alabama Form 40NR.

Pass-through entity owners that are individuals would claim this

Line P – Investment Interest Expense Related to Portfolio

amount on the Form 4684 that accompanies the Alabama Form 40 or

Income.

Alabama Form 40NR.

Pass-through entity owners that are individuals would report this

Line X – Withdrawals and Distributions.

amount on the Alabama Form 4852A that accompanies the individuals

Pass-through entity owners that are individuals would report the por-

Alabama Form 40 or Alabama Form 40NR.

tion of this amount that represents reportable income on the Schedule

Line Q – Portfolio Income.

D accompanying the Alabama Form 40 or Alabama Form 40NR.

Accompanying the Alabama Schedule K-1 should be a detailed expla-

Pass-through entity owners that are individuals would report this

nation of the amount on Line X.

amount on the appropriate schedule of the Alabama Form 40 or

Alabama Form 40NR filed by the individual, depending upon the nature

Line Z – Oil and Gas Depletion.

of the portfolio income. Accompanying the Alabama Schedule K-1

Pass-through entity owners that are individuals should claim this

should be an explanation of the different types and amounts of portfolio

amount on Schedule E of the Alabama Form 40 or Alabama Form

income making up the amount on Line Q.

40NR. Accompanying the Alabama Schedule K-1 should be a computa-

Line R – Other Expenses Related to Portfolio Income – Do Not

tion of the amount reported on Line Z. Alabama income tax law con-

Include Interest Expense.

cerning oil and gas depletion differs from the federal law - care should

be exercised in claiming this deduction, to ensure that the proper

Pass-through entity owners that are individuals would claim this

amount is deducted.

amount on Schedule A of the Alabama Form 40 or Alabama Form

40NR, depending upon the nature of the expense. Accompanying the

Line AA – Separately Stated Nonbusiness Items.

Alabama Schedule K-1 should be an explanation of the different types

Pass-through entity owners that are individuals would report or claim

and amounts of expenses making up the amount on Line R.

this amount on the Alabama Form 40 or Alabama Form 40NR, depend-

Line S – Charitable Contributions.

ing upon the nature of the separately stated nonbusiness items.

Accompanying the Alabama Schedule K-1 should be an explanation

Pass-through entity owners that are individuals would claim this

showing the different types of nonbusiness items and amounts making

amount on Schedule A of the Alabama Form 40 or Alabama Form

up the amount reported on Line AA.

40NR.

Line AB – Alabama Exempt Income.

Line T – Other Separately Stated Business Items.

Pass-through entity owners that are individuals are encouraged to

Pass-through entity owners that are individuals would report or claim

disclose the amount of Alabama exempt income on the Alabama Form

these items on the appropriate schedule of the Alabama Form 40 or

40 or Alabama Form 40NR, filed by the individual. Accompanying the

Alabama Form 40NR, filed by the individual, depending upon the nature

Alabama Schedule K-1 should be an explanation showing the different

of the other separately stated business item. Accompanying the

types of Alabama exempt income items and amounts making up the

Alabama Schedule K-1 should be an explanation of the different types

amount reported on Line AB.

and amounts of other separately stated business items making up the

amount on Line T.

Instructions For The Preparation Of Alabama Department Of Revenue Pass Through Entity - Schedule K-1 - 2007 Page 3

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