Fillable Form 8611 - Recapture Of Low-Income Housing Credit (Page 4 of 4) in pdf

Form 8611 - Recapture Of Low-Income Housing Credit Page 4

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Form 8611 (Rev. 12-2013)

Page

Lines 16 and 17. Only section 42(j)(5)

partnership’s taxable income is allocated

The time needed to complete and file

partnerships complete these lines. This

to each partner.

this form will vary depending on

is a partnership (other than an electing

individual circumstances. The estimated

large partnership) that has at least 35

burden for individual taxpayers filing this

Paperwork Reduction Act Notice. We

partners, unless the partnership elects

form is approved under OMB control

ask for the information on this form to

(or has previously elected) not to be

number 1545-0074 and is included in the

carry out the Internal Revenue laws of

treated as a section 42(j)(5) partnership.

estimates shown in the instructions for

the United States. You are required to

For purposes of this definition, an

their individual income tax return. The

give us the information. We need it to

individual and his or her spouse (and

estimated burden for all other taxpayers

ensure that you are complying with these

their estates) are treated as one partner.

who file this form is shown below.

laws and to allow us to figure and collect

For purposes of determining the credit

Recordkeeping .

the right amount of tax.

. 8 hr., 21 min.

recapture amount, a section 42(j)(5)

Learning about the

You are not required to provide the

partnership is treated as the taxpayer to

law or the form .

. 1 hr.

information requested on a form that is

which the low-income housing credit

subject to the Paperwork Reduction Act

was allowed and as if the amount of

Preparing and sending

unless the form displays a valid OMB

credit allowed was the entire amount

the form to the IRS

. 1 hr., 10 min.

control number. Books or records

allowable under section 42(a).

If you have comments concerning the

relating to a form or its instructions must

See the instructions for line 11 to

accuracy of these time estimates or

be retained as long as their contents

figure the interest on line 16. The

suggestions for making this form

may become material in the

partnership must attach Form 8611 to its

simpler, we would be happy to hear from

administration of any Internal Revenue

Form 1065 and allocate this amount to

you. You can write to the IRS at the

law. Generally, tax returns and return

each partner on Schedule K-1 (Form

address listed in the instructions for the

information are confidential, as required

1065) in the same manner as the

tax return with which this form is filed.

by section 6103.

Form 8611 - Recapture Of Low-Income Housing Credit Page 4

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