Instructions For Nj-1065 - Partnership Return And New Jersey Partnership Njk-1 Page 7
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17________________________________________2013 Form 1065 _______________________________________ 7
Line 9 - Net IRC Section 1231 Gain (Loss)
Line 15c - Guaranteed Payments to Partners
Enter on Line 9 the net IRC Section 1231 gain or loss reported
Enter on Line 15c the amount of guaranteed payments to
on Line 10, Schedule K, Federal Form 1065.
partners reported on Line 4 above.
Line 15d - Interest Income from Federal Obligations
Line 10 - Other Income (Loss)
Enter on Line 10 any other income or loss that is not included
Enter on Line 15d any interest from Federal obligations that
on Lines 1 through 9 above. This will include the amount
are excludable from New Jersey gross income and was
reported on Line 11, Schedule K, Federal Form 1065.
included in the amount reported on Lines 5 or 6 above.
If any amount is reported on this line you must attach a
Line 15e - Interest Income from New Jersey Obligations
schedule identifying the income or loss.
Enter on Line 15e the amount of interest income from New
Jersey obligations that is excludable from New Jersey gross
Line 11 - Tax Exempt Interest Income
income and was included in the amount reported on Lines 6 or
Enter on Line 11, the amount of tax-exempt interest income
11 above.
reported on Line 18a, Schedule K, Federal Form 1065.
Line 12 - Subtotal
Note: Lines 15d and 15e - Amounts excludable from
Add Lines 1 through 11 above and enter the result on Line 12.
income include interest and dividends on obligations of the
State of New Jersey or any of its political subdivisions and
from tax exempt obligations of the United States
NEW JERSEY ADDITIONS
government,
its
territories
or
instrumentalities.
Distributions from New Jersey qualified investment funds
Line 13a - Taxes Based on Income
are also exempt, as are distributions from other
Enter on Line 13a the amount of taxes based on income which
were deducted to determine ordinary income (loss) on Line 1
investment funds, but only to the extent the distribution is
above.
derived from obligations of the type described at N.J.S.A.
54A:6-14, et seq.
Line 13b - Other Additions - Specify
Enter on Line 13b any other items deducted from or not
Line 15f – IRC Section 179 Expense
included on Lines 1 through 11 above, which are not
Enter on Line 15f the IRC Section 179 expense deduction.
excludable under the New Jersey Gross Income Tax Act.
Line 15g - Other Subtractions - Specify
If an asset has been placed in service since January 1, 2004,
Enter on Line 15g any other items which are excludable or
refer to Worksheet GIT-DEP. This worksheet is available on
deductible from the income included in the subtotal reported
the Division’s web site. Include any net addition adjustment
on Line 12 above for New Jersey gross income tax purposes.
from Worksheet GIT-DEP, if applicable, if federal income
Specify each item subtracted.
included deduction of federal special depreciation allowance
or IRC Section 179 expense; federal Section 179 recapture
Examples of some items that might be reported on this line
income; or a gain or loss on disposition of such asset.
are:
Dividends from exempt Federal and New Jersey
Specify each item reported. If the amount reported on Line 12,
obligations described at N.J.S.A. 54A:6-14.
Form NJ-1065 included any loss incurred in connection with
the disposition of exempt New Jersey or Federal obligations,
Gains from the sale of exempt Federal and New Jersey
you must add back the amount of such loss on this line.
obligations excludable pursuant to N.J.S.A. 54A:5-1c.
Line13c - Total Additions
The remaining 50% of business meals and entertainment
Add Lines 13a and 13b and enter the result on Line 13c.
expenses that are not deductible for Federal purposes.
If an asset has been placed in service since January 1,
Line14 - Subtotal
2004, refer to Worksheet GIT-DEP. This worksheet is
Add Lines 12 and 13c and enter the result on Line 14.
available on the Division’s web site. Include any net
subtraction adjustment from Worksheet GIT-DEP, if
applicable, if federal income included deduction of
NEW JERSEY SUBTRACTIONS
federal special depreciation allowance or IRC Section 179
Line 15a - Net Income (Loss) from Rental Real Estate
expense; federal Section 179 recapture income; or a gain
Activities - Enter on Line 15a any income or loss that resulted
or loss on disposition of such asset.
from rental real estate activities and is included in the amount
Pursuant to N.J.S.A. 54A:5-15, for taxable years
reported on Lines 1 or 2 above
beginning after December 31, 2004, enter the New Jersey
Line 15b - Net Gain (Loss) from Disposition of Real
allowable IRC Section 199 deduction which must be
Property Enter on Line 15b any gain or loss that resulted
calculated on Form 501-GIT, Domestic Production
from the sale, exchange or disposition of real property and is
Activities Deduction. Form 501-GIT can be found on the
included in the amount reported on Lines 1, 8 or 9 above.
Division’s web site.
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