Instructions For Form 8907 - Nonconventional Source Fuel Credit

2014

Department of the Treasury

Internal Revenue Service

Instructions for Form 8907

Nonconventional Source Fuel Credit

Line 12

Section references are to the Internal Revenue Code

unless otherwise noted.

Enter total nonconventional source fuel credits from:

Schedule K-1 (Form 1065), Partner's Share of Income,

General Instructions

Deductions, Credits, etc., box 15 (code P);

Schedule K-1 (1120S), Shareholder's Share of Income,

Future Developments

Deductions, Credits, etc., box 13 (code P); and

For the latest information about developments related to

Schedule K-1 (Form 1041), Beneficiary's Share of

Form 8907 and its instructions, such as legislation

Income, Deductions, Credits, etc., box 13 (code P).

enacted after they were published, go to

Partnerships, S corporations, estates, and trusts must

form8907.

always report the above credits on line 12. All other

What's New

taxpayers:

Report the above credits directly on Form 3800, Part lll,

The nonconventional source fuel credit is not available for

line 1o; and

fuel sold after 2013.

Do not file Form 8907.

Purpose of Form

Line 14

Partnerships, S corporations, estates, and trusts use the

2014 Form 8907 to report any nonconventional source

Estates and trusts. Allocate the nonconventional source

fuel credit they receive from a fiscal year partnership, S

fuel credit on line 13 between the estate or trust and the

corporation, estate, or trust, whose tax year began in 2013

beneficiaries in the same proportion as income was

(when the credit was still available) and ends during their

allocated and enter the beneficiaries’ share on line 14.

2014 tax year. All other taxpayers report this credit directly

If the estate or trust is subject to the passive activity

on line 1o in Part III of Form 3800, General Business

rules, include on line 12 any Form 8907 credits from

Credit.

passive activities disallowed for prior years and carried

forward to this year. Complete Form 8582-CR, Passive

Specific Instructions

Activity Credit Limitations, to determine the allowed credit

that must be allocated between the estate or trust and the

Lines 1 Through 11

beneficiaries. For details, see the Instructions for Form

8582-CR.

These lines are now shown as “Reserved.” When any

form, worksheet, or instruction refers to these lines, treat

the amounts on these lines as zero.

Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the

United States. You are required to give us the information. We need it to ensure that you are complying with these laws

and to allow us to figure and collect the right amount of tax.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act

unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be

retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax

returns and return information are confidential, as required by section 6103.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden

for individual taxpayers filing this form is approved under OMB control number 1545-0074 and is included in the

estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers

who file this form is shown below.

Recordkeeping

6 hr., 27 min.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Learning about the law or the form

35 min.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Preparing and sending the form to the IRS

43 min.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler,

we would be happy to hear from you. See the instructions for the tax return with which this form is filed.

Dec 20, 2014

Cat. No. 66392Z

Instructions For Form 8907 - Nonconventional Source Fuel Credit - 2014

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