Shareholder'S Instructions For Schedule K-1 (Form 1120s) - 2016 Page 16
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16and is determined by you and the
academy bonds issued before
8. Qualified investment in
corporation. You may have to pay a
October 4, 2008. Income with respect
qualifying advanced energy project
penalty if you are required to file Form
to these qualified zone academy
credit property. Use the amounts the
8886 and don't do so. See the
bonds can't be used to increase your
corporation provides you to figure the
Instructions for Form 8886 for details.
stock basis. Because this amount is
amount to report on Form 3468, line 7.
already included in income elsewhere
2. Gross farming and fishing
9. Inversion gain. The corporation
on Schedule K-1, you must reduce
income. If you are an individual
will provide a statement showing the
your stock basis by this amount. See
shareholder, report this income, as an
amounts of each type of income or
line 3 of the Worksheet for Figuring a
item of information, on Schedule E
gain that is included in inversion gain.
Shareholder's Stock Basis.
(Form 1040), Part V, line 42. Don't
The corporation has included
report this income elsewhere on Form
5. The amount included in gross
inversion gain in income elsewhere on
1040.
income with respect to clean
Schedule K-1. Inversion gain is also
renewable energy bonds. Income with
reported under code V because your
For a shareholder that is an estate
respect to clean renewable energy
taxable income and alternative
or trust, report this income to the
bonds can't be used to increase your
minimum taxable income can't be less
beneficiaries, as an item of
stock basis. Because this amount is
than the inversion gain. Also, your
information, on Schedule K-1 (Form
already included in income elsewhere
inversion gain (a) isn't taken into
1041). Don't report it elsewhere on
on Schedule K-1, you must reduce
account in figuring the net operating
Form 1041.
your stock basis by this amount. See
loss (NOL) for the tax year or the NOL
3. Excess farm loss limitation. If
line 3 of the Worksheet for Figuring a
that can be carried over to each tax
the corporation has deductions
Shareholder's Stock Basis.
year, (b) may limit your credits, and
attributable to a farming activity, it will
(c) is treated as income from sources
6. Qualified investment in
provide a statement showing the
within the United States for the foreign
qualifying advanced coal project
aggregate gross income or gain and
tax credit. See section 7874 for
property. Use the amounts the
the aggregate deductions from the
details.
corporation provides you to figure the
farming activity that you need to figure
amounts to report on Form 3468, lines
10. Any other information you may
any excess farm loss limitation. It will
5a, 5b, and 5c.
need to file your return not shown
also provide information on any
elsewhere on Schedule K-1.
applicable subsidy it receives that
7. Qualified investment in
would trigger the excess farm loss
qualifying gasification property. Use
The corporation should give you a
limitation. See section 461(j) and Pub.
the amounts the corporation provides
description and the amount of your
225 for details.
you to figure the amounts to report on
share for each of these items.
Form 3468, lines 6a and 6b.
4. The amount included in gross
income with respect to qualified zone
-16-
Instructions for Schedule K-1 (Form 1120S) (2016)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial