Form It-65 - Indiana Partnership Return Booklet - 2013 Page 9
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32K. Indicate the date and place the partnership was organized.
If filing federal Form 1065B by an electing large partnership, use the
L. Indicate the partnership’s state of commercial domicile.
amounts from line 1 through 8 of Schedule K. Convert distributive
M. Indicate the year the initial Indiana return was filed.
share of income items into a Form 1065 Schedule K format. Carry
N. Indicate the accounting method used.
the figures to IT-65 and IT-65 IN K-1.
O. Check box O-1 if you are filing an initial return.
Check box O-2 only if the partnership is dissolved, is
Required Indiana State Modifications - Lines
liquidated, or has withdrawn from the state. Also, you
2a through 2f
must timely file Form BC-100 to close out any sales and
Lines 2a through 2e. Enter any addbacks and deductions here. Enter
withholding accounts. Go to to
the name of the addback/deduction, its 3-digit code, and its amount.
complete this form online.
Use a negative sign for negative amounts (-). Attach additional sheets
Check box O-3 if the partnership is in bankruptcy.
if necessary.
Check box O-4 if you are filing as a composite return for
nonresident partners.
The following are no longer required to be added back:
P. Enter the number of partners in the partnership in entry box
•
Additional business startup expenditures
P-1. Enter in entry box P-2 the number of all partners who
•
Expensing of environmental remediation costs
are nonresidents of Indiana.
•
Oil and gas well depletion deduction
Q. Check the box if you have a valid extension of time or an
•
Qualified electric utility amortization
electronic federal extension of time to file your return. If
applicable, enclose a copy of federal Form 7004 when filing
The following are no longer required to be added back retroactive
your state return.
to tax year 2012:
S. Check the box if this partnership is a member of any other
•
Qualified advanced mine safety equipment
partnership.
•
Qualified leasehold property
•
Qualified restaurant property
Aggregate Partnership Distributive Share
•
Qualified retail improvement property
Income
•
Seven-year property for a motorsports entertainment
Note: Please round all entries to the nearest whole dollar amount.
complex
Also, please do not use a comma in dollar amounts of four digits
Note: With regard to a depreciation addback for property qualifying
or more. For example, instead of entering “3,455” you should enter
“3455. ”
under IRC Sec. 168, the addback is eliminated retroactive to 2012
only for property placed in service in 2012.
Line 1. Enter the amount from the U.S. partnership return Schedule K:
•
Net ordinary business income;
If you reported any of the above-listed addbacks on your 2012 state
•
Net income from real estate activities from Form 8825;
tax return, you may be eligible for a refund or a reduction of any
•
Other rental income activities;
tax otherwise owed. You may file an amended 2012 state tax return
•
Portfolio income and deductions;
and make an adjustment to reverse the reporting of the addback(s),
•
Royalties;
or you can report the amount to be adjusted on lines 2a-2e of the
•
Capital gains and losses;
current 2013 Indiana tax return using a special 3-digit code indicator
•
Guaranteed payments; and
(see the instructions for the specific addback for the 3-digit code).
•
Other income.
Adding Back Depreciation Expenses
You might be able to take the Section 179 deduction. You also
Several of the discontinued addbacks were created by timing
might be able to deduct that portion of investment expenses that is
differences between federal and Indiana allowable expenses.
included in federal Schedule K as part of line 13 and line 20 relating
Following is an example of how to report a difference.
to investment portfolio (royalty) income and that flows to federal
Schedule E. Do not deduct other expenses treated as federal itemized
Example. ABC Company has qualified restaurant equipment. For
deductions.
federal tax purposes, they use the accelerated 15-year recovery
period for an asset placed in service in 2009. Since 2009, ABC
Use the Worksheet for Partnership Distributive Share Income,
Company has been adding back the depreciation expense taken for
Deductions, and Credits to help you calculate this figure. You must
federal purposes that exceeded the amount allowable for Indiana
use the income worksheet if this partnership received any distributive
purposes. The accumulated depreciation on such an asset through
income from one of the following:
2012 is, therefore, different for federal and state purposes. This
•
An owned partnership interest;
difference will remain until the asset is fully depreciated or until the
•
An estate; or
time of its disposition.
•
A trust.
So, in this example, the asset was acquired in January 2009 at a
See instructions on page 16 and worksheet on page 15.
purchase price of $120,000. This normally would have a 25-year
recovery period, but IRC Sec. 168 allows for a 15-year recovery
period. Tax year 2012 is the last year ABC Company will have
reported a qualified restaurant equipment addback until the end of
the 15-year recovery period.
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