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) - 2001 Page 10
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10cannot exceed the amount that would
See the Instructions for Schedule D
who qualify for the exclusion must report
have been allocated to you based on your
(Form 1040) for details on how to report
the Code P2 amount in accordance with
interest in the partnership at the time the
the gain and the amount of the allowable
the instructions for box 9, Code A1, B1, or
stock was acquired.
postponed gain.
C1, whichever applies.
b. Partnership claimed the exclusion. If
Code O—Unrecaptured Section
See the Instructions for Schedule D
the partnership reports your distributive
(Form 1040) for details on how to report
1250 Gain
share of foreign trading gross receipts
the gain and the amount of the allowable
Report this gain on line 11 of the
(Code P1) but not the amount of the
postponed gain.
Unrecaptured Section 1250 Gain
extraterritorial income exclusion, the
Code N9 — Gain eligible for section
Worksheet on page D-7 of the
partnership met the foreign economic
1045 rollover – stock not replaced. This
Instructions for Schedule D (Form 1040).
process requirements and claimed the
gain is eligible for the section 1045
Do not report the gain on line 5 as stated
exclusion when figuring your distributive
rollover. Replacement stock has not been
in the worksheet instructions.
share of partnership income. You also
purchased by the partnership. The
Codes P1 and P2—Extraterritorial
may need to know the amount of your
partnership should also give you the
distributive share of foreign trading gross
Income Exclusion
name of the corporation that issued the
receipts from this partnership to
stock, your share of the partnership’s
a. Partnership did not claim the
determine if you met the $5 million or less
adjusted basis and sales price of the
exclusion. If the partnership reports your
exception discussed above for purposes
stock, and the dates the stock was bought
distributive share of foreign trading gross
of qualifying for an extraterritorial income
and sold. Corporate partners are not
receipts (Code P1) and the extraterritorial
exclusion from other sources.
eligible for the section 1045 rollover. To
income exclusion (Code P2), the
Note: Upon request, the partnership
qualify for the section 1045 rollover:
partnership was not entitled to claim the
should furnish you a copy of the
exclusion because it did not meet the
1. You must have held an interest in
partnership’s Form 8873 if there is a
the partnership during the entire period in
foreign economic process requirements.
reduction for international boycott
You may qualify for your distributive share
which the partnership held the qualified
operations, illegal bribes, kickbacks, etc.
of this exclusion because the
small business stock (more than 6
months prior to the sale),
partnership’s foreign trading gross
Code Q—Qualified 5-year Gain
receipts for the tax year were $5 million or
2. Your distributive share of the gain
Report the qualified 5-year gain on line 4
less. To qualify for this exclusion, your
eligible for the section 1045 rollover
of the Qualified 5-year Gain Worksheet
foreign trading gross receipts from all
cannot exceed the amount that would
for Schedule D (Form 1040), line 29.
sources for the tax year also must have
have been allocated to you based on your
Other
interest in the partnership at the time the
been $5 million or less. See Form 8873,
Extraterritorial Income Exclusion, for more
stock was acquired, and
Any other information you may need to
information. If you qualify for the
3. You must purchase other qualified
file with your return not shown elsewhere
small business stock (as defined in the
exclusion, limited partners must report the
on Schedule K-1. The partnership should
extraterritorial exclusion amount (Code
Instructions for Schedule D (Form 1040))
give you a description and the amount of
during the 60-day period that began on
P2) as a deduction reducing the amount
your share for each of these items.
reported in box 1 (see the box 1
the date the stock was sold by the
instructions on page 6). General partners
partnership.
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