Shareholder'S Instructions For Schedule K-1 (Form 1120s)

Clean renewable energy bond

corporation's foreign trading gross

shareholder, report this amount on

credit. Report this amount on Form

receipts for the tax year were $5

Form 6251, line 17.

8912.

million or less. To qualify for this

Code C. This amount is your share of

New clean renewable energy bond

exclusion, your foreign trading gross

the corporation's depletion

credit. Report this amount on Form

receipts from all sources for the tax

adjustment. If you are an individual

8912.

year also must have been $5 million

shareholder, report this amount on

Qualified energy conservation bond

or less. If you qualify for the exclusion,

Form 6251, line 9.

credit. Report this amount on Form

report the exclusion amount in

Codes D and E. Oil, gas, & geo-

8912.

accordance with the instructions for

thermal properties—gross income

Build America bond credit. Report

box 1, 2, or 3, whichever applies. See

and deductions. The amounts

this amount on Form 8912.

Form 8873, Extraterritorial Income

reported on these lines include only

Qualified school construction bond

Exclusion, for details.

the gross income (code D) from, and

credit. Report this amount on Form

2. Corporation claimed the

deductions (code E) allocable to, oil,

8912.

exclusion. If the corporation reports

gas, and geothermal properties

Mine rescue team training credit

your share of foreign trading gross

included in box 1 of Schedule K-1.

(Form 8923).

receipts but not the amount of the

The corporation should have attached

Credit for employer differential

extraterritorial income exclusion, the

a statement that shows any income

wage payments (Form 8932).

corporation met the foreign economic

from or deductions allocable to such

Carbon dioxide sequestration credit

process requirements and claimed

properties that are included in boxes 2

(Form 8933).

the exclusion when figuring your

through 12, 16, and 17 of

Qualified plug-in electric drive

share of corporate income. You also

Schedule K-1. Use the amounts

motor vehicle credit (Form 8936).

may need to know your share of

reported here and any other reported

Credit for small employer health

foreign trading gross receipts from

amounts to help you figure the net

insurance premiums (Form 8941).

this corporation to determine if you

amount to enter on Form 6251,

General credits from an electing

met the $5 million or less exception

line 26.

large partnership. Report these

discussed above for purposes of

credits on Form 3800, Part III,

qualifying for an extraterritorial income

Code F. Other AMT items. Report

line 1bb.

exclusion from other sources.

the information on the statement

attached by the corporation on the

Box 14. Foreign

When asked for, the

applicable lines of Form 6251 or

corporation should furnish you

Transactions

TIP

Schedule I (Form 1041).

a copy of the corporation's

Codes A through N. Use the

Form 8873 if there is a reduction for

Box 16. Items Affecting

information identified by codes A

international boycott operations,

Shareholder Basis

through N, code Q, and any attached

illegal bribes, kickbacks, or similar

statements to figure your foreign tax

items.

Code A. Tax-exempt interest in-

credit.

come. Report on your return, as an

Code Q. Other foreign transac-

item of information, your share of the

If you have any qualified

tions. On a statement attached to

tax-exempt interest received or

dividends, capital gains

Schedule K-1, the corporation will

accrued by the corporation during the

(including any capital gain

report any other information on foreign

CAUTION

year. Individual shareholders include

distributions), capital losses, net

transactions that you may need using

this amount on Form 1040, line 8b.

section 1231 gains, or net section

code Q.

Generally, you must increase the

1231 losses, you may have to make

basis of your stock by this amount.

certain adjustments to those amounts

Box 15. Alternative

before taking them into account on

Code B. Other tax-exempt income.

Minimum Tax (AMT) Items

line 1a, line 5, or line 18 of Form 1116,

Generally, you must increase the

Use the information reported in box 15

Foreign Tax Credit.

basis of your stock by the amount

(as well as your adjustments and tax

shown, but don't include it in income

For details, see Form 1116 and its

preference items from other sources)

on your tax return.

separate instructions and Pub. 514,

to prepare your Form 6251,

Foreign Tax Credit for Individuals.

Code C. Nondeductible expenses.

Alternative Minimum

The nondeductible expenses paid or

Tax—Individuals, or Schedule I (Form

Codes O and P. Extraterritorial in-

incurred by the corporation aren't

1041), Alternative Minimum

come exclusion.

deductible on your tax return.

Tax—Estates and Trusts.

1. Corporation didn't claim the

Generally, you must decrease the

exclusion. If the corporation reports

Code A. This amount is your share of

basis of your stock by this amount.

your share of foreign trading gross

the corporation's post-1986

receipts (code O) and the

Code D. Property distributions.

depreciation adjustment. If you are an

Reduce the basis of your stock (as

extraterritorial income exclusion (code

individual shareholder, report this

explained earlier) by distributions, not

P), the corporation wasn't entitled to

amount on Form 6251, line 18.

reported on Form 1099-DIV, of

claim the exclusion because it didn't

Code B. This amount is your share of

meet the foreign economic process

property or money. This amount will

the corporation's adjusted gain or

requirements. You may still qualify for

include any amounts included in

loss. If you are an individual

your share of this exclusion if the

income with respect to new clean

Instructions for Schedule K-1 (Form 1120S) (2016)

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Shareholder'S Instructions For Schedule K-1 (Form 1120s) - 2016 Page 13

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