Partner'S Instructions For Schedule K-1 (Form 1065-B) - Partner'S Share Of Income (Loss) From An Electing Large Partnership (For Partner'S Use Only) - 2016 Page 13
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13on Form 1040, line 62. See the
Form 8886, Reportable Transaction
5. Any income previously deferred as
instructions for line 62 of Form 1040 for
Disclosure Statement, both you and the
a result of a section 108(i) election that is
details.
partnership may be required to file Form
includible in the current year. See section
8886 for the transaction. The
108(i) for events that will cause previously
determination of whether you are required
deferred income to be reportable, and a
Code U. Net Investment Income
to disclose a transaction of the partnership
special rule for allocating deferred income
The partnership may use this Code U to
is based on the category(s) under which
to partners.
report information you may need to
the transaction qualifies for disclosure and
6. The current year section 108(i) OID
determine your net investment income tax
is determined by the partnership. See the
deduction. The partnership will provide
under section 1411 including information
Instructions for Form 8886 for details.
your share of the partnership's OID
regarding income from controlled foreign
Conservation reserve program
deduction deferred under section 108(i)(2)
corporations (CFCs) and passive foreign
payments. Individuals who received social
(A)(i) that is allowable as a deduction in
investment companies (PFICs) the stock
security retirement or disability benefits,
the current tax year under section 108(i)
of which is owned by the partnership. Any
and are partners in a farm partnership that
(2)(A)(ii) or section 108(i)(5)(D)(i) or (ii).
information that isn’t provided elsewhere
receives conservation reserve program
The information needed to complete
on Schedule K-1 (or an attachment to
payments, don’t pay self-employment tax
Schedule P (Form 1120-F), List of Foreign
Schedule K-1) is provided using Code U.
on their share of the conservation reserve
Partner Interests in Partnerships. When
For CFCs and PFICs that you treat as
payments. The partnership will report your
required, the partnership will make this
qualified electing funds (QEFs), the
share of the conservation reserve program
report on an attached statement to
information that is relevant to you will
payments in box 9 using Code V. See
partners that are a corporation identified
depend on whether you, the partnership,
Schedule SE (Form 1040) for information
as a foreign partner under Regulations
or a lower-tier entity has made an election
on excluding the payments from your
section 1.1446-1(c)(3) or partners that are
under Regulations section 1.1411-10(g)
calculation of self-employment tax.
a partnership (domestic or foreign) if the
with respect to the CFC or QEF. For
Gain or loss attributable to the sale or
reporting partnership knows, or has
example, if the partnership made an
exchange of qualified preferred stock of
reason to know, that one or more of the
election under Regulations section
the Federal National Mortgage
partners is a foreign corporation. If the
1.1411-10(g) for a CFC the stock of which
Association (Fannie Mae) and the Federal
partnership allocates effectively
is owned by the partnership, and the
Home Loan Mortgage Corporation
connected income to the partner, the
relevant income and deduction items
(Freddie Mac). The partnership will report
statement will contain the information
derived from that CFC are reported
on an attached statement the amount of
needed to complete lines 1 through 10,
elsewhere on the Schedule K-1, then you
gain or loss attributable to the sale or
13, 14, 15b, 17a, 17b, and 18 of
will not need the information provided
exchange of the qualified preferred stock,
Schedule P (Form 1120-F). If the
using Code U to complete your Form
the date the stock was acquired by the
partnership does not allocate effectively
8960.
partnership, and the date the stock was
connected income to the partner, the
sold or exchanged by the partnership. If
statement will contain the information
If you are an individual who is a U.S.
the partner is not a financial institution,
needed to complete lines 13, 14, and 18 of
citizen or resident, or a domestic trust or
report the gain or loss on line 5 or line 12
Schedule P (Form 1120-F), information
estate, follow the Instructions for Form
of Schedule D (Form 1040) in accordance
that might be relevant for purposes of
8960 to figure and report your net
with the instructions for Schedule D. If a
completing Schedule P in determining
investment income and adjusted gross
partner is a financial institution referred to
your interest expense deduction under
income or modified adjusted gross
in section 582(c)(2) or a depositary
Regulations section 1.882-5.
income. Corporate partners aren’t subject
institution holding company (as defined in
The partner's share of the credit for
to the net investment income tax. See
section 3(w)(1) of the Federal Deposit
each separate bond credit that was
Regulations sections 1.1411-1 through 10
Insurance Act), report the gain or loss in
reported on the partnership's Form 8912.
for details.
accordance with the Instructions for Form
Do not add these amounts to your income,
4797, and Rev. Proc. 2008-64, 2008-47
as they were included in the income (loss)
Code V. Other Information
I.R.B. 1195.
reported in box 1 or 2. The partnership will
If the partnership made a section 108(i)
report the following credits separately:
The partnership will use Code V to report
election or allocates any section 108(i)
clean renewable energy bond credit, new
the following to partners.
items to its partners, it will provide a
clean renewable energy bond credit,
The recapture of any credit (other than
statement identifying your share of the
qualified energy conservation bond credit,
partnership level low-income housing
following.
qualified zone academy bond credit,
credit or investment credit) is reported to
1. The deferred section 108(i)
qualified school construction bond credit,
you as a separately stated item. See the
cancellation of debt (COD) income that
and build America bond credit.
instructions for the specific form identified
hasn’t been included in income in the
Excess farm loss limitation. If the
with the credit for more information on
current or prior tax years.
partnership has deductions attributable to
reporting the recapture.
a farming activity, it will provide a
Any information a partner that is a
2. The partnership's original issue
statement showing the aggregate gross
publicly traded partnership may need to
discount (OID) deduction deferred under
income or gain and the aggregate
determine if it meets the 90% qualifying
section 108(i)(2)(A)(i) that hasn’t been
deductions from the farming activity that
income test of section 7704(c)(2).
deducted in the current or prior tax years.
you need to figure any excess farm loss
Partners are required to notify the
3. The deferred section 752 amount
limitation. See section 461(j) for details.
partnership of their status as a publicly
that is treated as a distribution of money
Any other information you may need to
traded partnership.
under section 752 in the current tax year.
file with your return not shown elsewhere
Any information you need to complete a
4. The deferred section 752 amount
on Schedule K-1. The partnership must
disclosure statement for reportable
remaining as of the end of the current tax
give you a description and the amount of
transactions in which the partnership
year.
your share for each of these items.
participates. If the partnership participates
in a transaction that must be disclosed on
Instructions for Schedule K-1 (1065-B)
-13-
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