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the Form 3468 on which you took the

1. Description of the property.

your unused (carryover) section 179

original credit for other information

expense deduction for this property.

2. Date the property was acquired

you need to complete Form 4255.

and placed in service.

Code M. Section 453(l)(3) informa-

You may also need Form 4255 if

3. Date of the sale or other

tion. The corporation will report any

your proportionate stock interest in

disposition of the property.

information you need to figure the

the corporation is reduced by more

4. Your share of the gross sales

interest due under section 453(l)(3)

than one-third after you were

price or amount realized.

with respect to the disposition of

allocated part of an investment credit.

certain timeshares and residential lots

5. Your share of the cost or other

Code H. Recapture of other cred-

on the installment method. Report the

basis plus the expense of sale.

its. On a statement attached to

interest on Form 1040, line 62. Check

6. Your share of the depreciation

Schedule K-1, the corporation will

box “c” and enter “453(l)(3)” and the

allowed or allowable.

report any information you need to

amount of the interest in the space

7. Your share of the section 179

figure the recapture of other credits

next to that box. See section 453(l)(3)

expense deduction (if any) passed

including the new markets credit,

for details on how to figure the

through for the property and the

Indian employment credit, credit for

interest.

corporation's tax year(s) in which the

employer-provided childcare facilities

Code N. Section 453A(c) informa-

amount was passed through.

and services, alternative motor

tion. The corporation will report any

vehicle credit, alternative fuel vehicle

To figure the depreciation allowed

information you need to figure the

refueling property credit, and qualified

or allowable for Form 4797, line 22,

interest due under section 453A(c)

plug-in electric drive motor vehicle

add to the amount from item (6) above

with respect to certain installment

credit.

the amount of your share of the

sales. Report the interest on Form

section 179 expense deduction,

Code I. Look-back interest—Com-

1040, line 62. Check box “c” and enter

reduced by any unused carryover of

pleted long-term contracts. The

“453A(c)” and the amount of the

the deduction for this property. This

corporation will report any information

interest in the space next to that box.

amount may be different than the

you need to figure the interest due or

See section 453A(c) for details on

amount of section 179 expense you

to be refunded under the look-back

how to figure the interest.

deducted for the property if your

method of section 460(b)(2) on certain

Code O. Section 1260(b) informa-

interest in the corporation has

long-term contracts. Use Form 8697,

tion. The corporation will report any

changed.

Interest Computation Under the

information you need to figure the

Look-Back Method for Completed

8. If the disposition is due to a

interest due under section 1260(b). If

Long-Term Contracts, to report any

casualty or theft, any information you

the corporation had gain from certain

such interest.

need to complete Form 4684.

constructive ownership transactions,

9. If the sale was an installment

Code J. Look-back interest—In-

your tax liability must be increased by

sale made during the corporation's tax

come forecast method. The

the interest charge on any deferral of

year, any information you need to

corporation will report any information

gain recognition under section

complete Form 6252, Installment Sale

you need to figure the interest due or

1260(b). Report the interest on Form

Income. The corporation will

to be refunded under the look-back

1040, line 62. Enter “1260(b)” and the

separately report your share of all

method of section 167(g)(2) for

amount of the interest in the space to

payments received for the property in

certain property placed in service after

the left of line 62. See section 1260(b)

the following tax years. See the

September 13, 1995, and depreciated

for details on how to figure the

Instructions for Form 6252 for details.

under the income forecast method.

interest.

Use Form 8866, Interest Computation

Code P. Interest allocable to pro-

Code L. Recapture of section 179

Under the Look-Back Method for

duction expenditures. The

deduction. The corporation will

Property Depreciated Under the

corporation will report any information

report your share of any recapture of

Income Forecast Method, to report

you need relating to interest you are

section 179 expense deduction if

any such interest.

required to capitalize under section

business use of any property for

Code K. Dispositions of property

263A for production expenditures.

which the section 179 expense

with section 179 deductions. The

See Regulations sections 1.263A-8

deduction was passed through to

corporation will report your share of

through 1.263A-15 for details.

shareholders dropped to 50% or less

gain or loss on the sale, exchange, or

before the end of the recapture

Code Q. CCF nonqualified with-

other disposition of property for which

period. If this occurs, the corporation

drawals. The corporation will report

a section 179 expense deduction was

must provide the following

your share of nonqualified

passed through to shareholders with

information.

withdrawals from a capital

code K. If the corporation passed

1. Your share of the depreciation

construction fund (CCF). These

through a section 179 expense

allowed or allowable (not including the

withdrawals are taxed separately from

deduction for the property, you must

section 179 expense deduction).

your other gross income at the highest

report the gain or loss, if any, and any

marginal ordinary income or capital

2. Your share of the section 179

recapture of the section 179 expense

gains tax rate. Attach a statement to

expense deduction (if any) passed

deduction for the property on your

your federal income tax return to show

through for the property and the

income tax return (see the Instructions

your computation of both the tax and

corporation's tax year(s) in which the

for Form 4797 for details). The

interest for a nonqualified withdrawal.

amount was passed through. Reduce

corporation will provide all the

Include the tax and interest on Form

this amount by the portion, if any, of

following information.

-19-

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 19

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