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) - 2004 Page 6
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10related parties (unless the nonrecourse
amounts in the boxes on your 2005 tax
single passive activity. If a net capital gain
financing is commercially reasonable and
return.
is reported in box 3, report the gain on
on substantially the same terms as loans
Schedule D (Form 1040), line 12, column
If you have losses, deductions, or
involving unrelated persons), the seller of
(f). If a loss is reported in box 3, report the
credits from a prior year that were not
the property, or a person who receives a
loss following the Form 8582 instructions
deductible or usable because of certain
fee for the partnership’s investment in the
to figure how much of the loss can be
limitations, such as the basis rules or the
real property.
reported on Schedule D (Form 1040), line
at-risk limitations, take them into account
12, column (f). However, if the publicly
See Pub. 925 for more information on
in determining your net income, loss, or
traded partnership box is checked, report
qualified nonrecourse financing.
credits for this year. However, except for
the loss following the rules for Publicly
passive activity losses and credits, do not
Both the partnership and you must
traded partnerships on page 5.
combine the prior-year amounts with any
meet the qualified nonrecourse rules on
amounts shown on this Schedule K-1 to
Box 4. Net Capital Gain (Loss)
this debt before you can include the
get a net figure to report on any
amount shown next to “Qualified
From Other Activities
supporting schedules, statements, or
nonrecourse financing” in your at-risk
Net capital gain (loss) from other activities
forms attached to your return. Instead,
computation.
is not subject to the passive activity
report the amounts separately on the
See Limitations on Losses,
limitations. Report the gain (loss) on
attached schedule, statement, or form on
Deductions, and Credits beginning on
Schedule D (Form 1040), line 12, column
a year-by-year basis.
page 2 for more information on the at-risk
(f).
If you have amounts other than those
limitations.
shown on Schedule K-1 to report on
Box 5. Net Passive AMT
Schedule E (Form 1040), enter each item
Tax Shelter Registration
Adjustment
on a separate line of Part II of Schedule
Number
Limited partners only. Use the amount
E.
reported in box 5 (as well as your
If the partnership is a registration-required
Box 1. Taxable Income (Loss)
adjustments and tax preference items
tax shelter or has invested in a
From Passive Activities
from other sources) to prepare your Form
registration-required tax shelter, it should
6251, Alternative Minimum Tax —
have entered a tax shelter registration
Limited partners only. The amount
Individuals; Form 4626, Alternative
number in this box. If you claim or report
reported in box 1 is treated as being from
Minimum Tax — Corporations; or
a trade or business that is a single
any income, loss, deduction, or credit
Schedule I of Form 1041, U.S. Income
from a tax shelter, you must attach Form
passive activity. Report this amount as
Tax Return for Estates and Trusts. The
8271, Investor Reporting of Tax Shelter
follows.
•
adjustment is treated as being from a
If income is reported in box 1, report
Registration Number, to your tax return. If
trade or business that is a single passive
the partnership has invested in a tax
the income on Schedule E (Form 1040),
activity.
line 28, column (g). However, if the
shelter, it must give you a copy of its
Form 8271 with your Schedule K-1. Use
publicly traded partnership box is
Individuals should enter the amount on
the information on this Form 8271 to
checked, report the income following the
line 18 of Form 6251, where it is taken
rules for Publicly traded partnerships on
complete your Form 8271.
into account with adjustments and
page 5.
preferences from other passive activities.
If the partnership itself is a
•
If a loss is reported in box 1, follow the
registration-required tax shelter, use the
Box 6. Net Other AMT
Instructions for Form 8582 to figure how
information on Schedule K-1 (name of the
Adjustment
much of the loss can be reported on
partnership, partnership identifying
Schedule E (Form 1040), line 28, column
Individual general and limited partners
number, and tax shelter registration
(f). However, if the publicly traded
number) to complete your Form 8271.
should enter the amount from box 6 on
partnership box is checked, report the
line 15 of Form 6251.
loss following the rules for Publicly traded
Boxes 1 Through 9
partnerships on page 5.
Box 7. General Credits
The amounts shown in boxes 1 through 9
Limited partners only. Enter the amount
Box 2a. Taxable Income (Loss)
reflect your share of income, loss,
from box 7 on line 1t of Form 3800,
From Other Activities
deductions, credits, etc., from the
General Business Credit. Because
partnership. These amounts do not take
The amount reported in box 2a is your
general credits are treated as being from
into consideration the following
share of the income from other activities.
a trade or business that is a single
limitations.
It is not subject to the passive activity
passive activity, you must also include the
1. The adjusted basis of your
limitations. Report the amount in box 2a
box 7 amount on line 3 of Form 3800.
partnership interest,
as follows.
•
2. The amount for which you are at
Box 8. Low-Income Housing
If the amount in box 2a is income,
risk, or
report it on Schedule E (Form 1040), line
Credit
3. The passive activity limitations.
28, column (j).
•
Limited partners only. Enter the amount
If the amount in box 2a is a loss, report
from box 8 on line 5 of Form 8586,
For information on these provisions,
it on Schedule A (Form 1040), line 27.
Low-Income Housing Credit. This credit is
see Limitations on Losses, Deductions,
Box 2b. Qualified Dividends
for property placed in service after 1989
and Credits beginning on page 2.
and is treated as being from a single
Report this amount on lines 9a and 9b of
If you are an individual, the following
passive activity.
Form 1040.
instructions will tell you how to report the
amounts shown in the boxes. If you are
Box 9. Other
Note. Qualified dividends are excluded
not an individual, report the amounts in
from investment income, but you can
the boxes as instructed on your tax
elect to include part or all of these
Codes A Through C
return.
amounts in investment income. See the
General partners in an electing large
instructions for line 4g of Form 4952,
The line numbers in these instructions
partnership must separately account for
Investment Interest Expense Deduction,
are references to forms in use for
any items attributable to passive loss
for important information on making this
calendar year 2004. If you file your tax
limitation activities to the extent
election.
return on a calendar year basis, but your
necessary to comply with the section 469
partnership files a return for a fiscal year,
passive loss rules. Therefore, the
Box 3. Net Capital Gain (Loss)
enter the amounts shown in the boxes on
partnership is required to report income
From Passive Activities
your tax return for the year in which the
(loss), capital gain (loss), 28% rate gain
partnership’s fiscal year ends. For
Limited partners only. The net capital
(loss), credits, and the alternative
example, if the partnership’s tax year
gain (loss) reported in box 3, is treated as
minimum tax adjustment separately for all
ends in February 2005, report the
being from a trade or business that is a
trade or business activities, rental real
-6-
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