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cost of the production exceeds $15

credit using code A or code C,

activities (other than the low-income

million, you aren't entitled to the

depending on the date the building

housing credit and qualified

deduction. The limitation is $20 million

was placed in service. If section 42(j)

rehabilitation expenditures). These

for productions in certain areas (see

(5) doesn't apply, your share of the

credits may be limited by the passive

section 181 for details). If you didn't

credit will be reported using code B or

activity limitations. If the credits are

materially participate in the activity,

code D, depending on the date the

from more than one activity, the

use Form 8582 to determine the

building was placed in service. Any

corporation will identify the credits

amount that can be reported on

allowable low-income housing credit

from each activity on an attached

Schedule E (Form 1040), line 28,

reported using code A or code B is

statement. See

Passive Activity

column (f). If you materially

reported on line 4 of Form 8586,

Limitations, earlier, and the

participated in the production activity,

Low-Income Housing Credit, or Form

Instructions for Form 8582-CR for

report the deduction on Schedule E

3800, Part III, line 1d (see TIP,

details.

(Form 1040), line 28, column (h).

earlier). Any allowable low-income

Code G. Other rental credits. The

Current year section 108(i) original

housing credit reported using code C

corporation will identify the type of

issue discount (OID) deduction. The

or code D is reported on line 11 of

credit and any other information you

corporation will provide your share of

Form 8586 or Form 3800, Part III,

need to figure these rental credits.

the corporation's OID deduction

line 4d (see TIP, earlier).

These credits may be limited by the

deferred under section 108(i)(2)(A)(i)

Keep a separate record of the

passive activity limitations. If the

that is allowable as a deduction in the

low-income housing credit from each

credits are from more than one

current tax year under section 108(i)

separate source so that you can

activity, the corporation will identify

(2)(A)(ii) or section 108(i)(5)(D)(i) or

correctly figure any recapture of

the credits from each activity on an

(ii).

low-income housing credit that may

attached statement. See

Passive

The corporation will give you a

result from the disposition of all or part

Activity

Limitations, earlier, and the

description and the amount of your

of your stock in the corporation. For

Instructions for Form 8582-CR for

share for each of these items.

more information on recapture, see

details.

the Instructions for Form 8611,

Code H. Undistributed capital

Box 13. Credits

Recapture of Low-Income Housing

gains credit. Code H represents

Credit.

If you have credits that are passive

taxes paid on undistributed capital

activity credits to you, you must

Code E. Qualified rehabilitation ex-

gains by a regulated investment

complete Form 8582-CR in addition to

penditures (rental real estate). The

company or real estate investment

the credit forms identified below. See

corporation will report your share of

trust. Report these taxes on Form

Passive Activity

Limitations, earlier,

the qualified rehabilitation

1040, line 73, check box “a” for Form

and the Instructions for Form

expenditures and other information

2439, and enter “Form 1120S” to the

8582-CR for details.

you need to complete Form 3468

right of line 73. Reduce the basis of

related to rental real estate activities

In general, shareholders

your stock by this tax.

using code E. Your share of qualified

whose only sources for a

TIP

Code I. Biofuel producer credit.

rehabilitation expenditures from

credit listed on Form 3800,

Report this amount on line 3 of Form

property not related to rental real

General Business Credit, Part III, are

6478, Biofuel Producer Credit, or

estate activities will be reported in

partnerships, S corporations, estates,

Form 3800, Part III, line 4c (see TIP,

box 17 using code C. See the

trusts, and cooperatives, aren't

earlier).

Instructions for Form 3468 for details.

required to complete the applicable

If the corporation is reporting

Code J. Work opportunity credit.

credit form or attach it to their return.

expenditures from more than one

Report this amount on line 3 of Form

Instead, they can report the credit

activity, an attached statement will

5884, Work Opportunity Credit, or

amounts reported to them by these

separately identify the expenditures

Form 3800, Part III, line 4b (see TIP,

pass-through entities directly on Form

from each activity.

earlier).

3800, Part III, and enter the EIN of the

entity in column (b) of Part III.

Combine the expenditures (for

Code K. Disabled access credit.

However, when applicable, all

Form 3468 reporting) from box 13,

Report this amount on line 7 of Form

shareholders must complete and

code E, and from box 17, code C. The

8826, Disabled Access Credit, or

attach the following credit forms to

expenditures related to rental real

Form 3800, Part III, line 1e (see TIP,

their return.

estate activities (box 13, code E) are

earlier).

reported on Schedule K-1 separately

Form 3468, Investment Credit

Code L. Empowerment zone em-

from other qualified rehabilitation

(Form 3800, Part III, line 1a).

ployment credit. Report this amount

expenditures (box 17, code C)

Form 8864, Biodiesel and

on line 3 of Form 8844, Empowerment

because they are subject to different

Renewable Diesel Fuels Credit (Form

Zone Employment Credit, or Form

passive activity limitation rules. See

3800, Part III, line 1l).

3800, Part III, line 3 (see TIP, earlier).

the Instructions for Form 8582-CR for

details.

Code M. Credit for increasing re-

See the Instructions for Form 3800 for

search activities. Report this

Code F. Other rental real estate

more details.

amount on line 37 of Form 6765,

credits. The corporation will identify

Codes A, B, C, and D. Low-income

Credit for Increasing Research

the type of credit and any other

housing credit. If section 42(j)(5)

Activities, or in Part III of Form 3800

information you need to figure these

applies, the corporation will report

(see TIP, earlier) as follows.

credits from rental real estate

your share of the low-income housing

-16-

Instructions for Schedule K-1 (Form 1120S) (2017)

Instructions For Schedule K-1 (Form 1120s) - Shareholder'S Share Of Income, Deductions, Credits, Etc. - 2017 Page 16

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