Form 8907 - Draft - Instructions - Nonconventional Source Fuel Credit

2014

Department of the Treasury

Internal Revenue Service

Instructions for Form 8907

Nonconventional Source Fuel Credit

Section references are to the Internal Revenue Code

worksheet, or instruction refers to these lines, treat the

DRAFT AS OF

unless otherwise noted.

amounts on these lines as zero.

Line 12

General Instructions

Enter total nonconventional source fuel credits from:

Future Developments

Schedule K-1 (Form 1065), Partner's Share of Income,

Deductions, Credits, etc., box 15 (code P);

September 16, 2014

For the latest information about developments related to

Schedule K-1 (1120S), Shareholder's Share of Income,

Form 8907 and its instructions, such as legislation

Deductions, Credits, etc., box 13 (code P); and

enacted after they were published, go to

Schedule K-1 (Form 1041), Beneficiary's Share of

form8907.

Income, Deductions, Credits, etc., box 13 (code P).

What's New

Partnerships, S corporations, estates, and trusts must

The nonconventional source fuel credit is not available for

always report the above credits on line 12. All other

fuel sold after 2013.

taxpayers:

Report the above credits directly on Form 3800, Part lll,

At the time these instructions went to print,

line 1o; and

Congress had not enacted legislation on expired

Do not file Form 8907.

provisions. To find out if legislation has been

CAUTION

enacted, go to formspubs or

Line 14

form8907.

Estates and trusts. Allocate the nonconventional source

Purpose of Form

fuel credit on line 13 between the estate or trust and the

beneficiaries in the same proportion as income was

Partnerships, S corporations, estates, and trusts use the

allocated and enter the beneficiaries’ share on line 14.

2014 Form 8907 to report any nonconventional source

fuel credit they receive from a fiscal year partnership, S

If the estate or trust is subject to the passive activity

corporation, estate, or trust, whose tax year began in 2013

rules, include on line 12 any Form 8907 credits from

(when the credit was still available) and ends during their

passive activities disallowed for prior years and carried

2014 tax year. All other taxpayers report this credit directly

forward to this year. Complete Form 8582-CR, Passive

on line 1o in Part III of Form 3800, General Business

Activity Credit Limitations, to determine the allowed credit

Credit.

that must be allocated between the estate or trust and the

beneficiaries. For details, see the Instructions for Form

8582-CR.

Specific Instructions

Lines 1 Through 11

These lines are now shown as “Reserved” in case

Congress extends the credit for 2014. When any form,

Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the

United States. You are required to give us the information. We need it to ensure that you are complying with these laws

and to allow us to figure and collect the right amount of tax.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act

unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be

retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax

returns and return information are confidential, as required by section 6103.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden

for individual taxpayers filing this form is approved under OMB control number 1545-0074 and is included in the

estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers

who file this form is shown below.

Recordkeeping

6 hr., 27 min.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Learning about the law or the form

35 min.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Preparing and sending the form to the IRS

43 min.

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Aug 29, 2014

Cat. No. 66392Z

Form 8907 - Draft - Instructions - Nonconventional Source Fuel Credit - 2014 Page 2

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