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) - 2008 Page 3
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12If the publicly traded partnership
In addition, the partnership is required
2. Rental real estate activities in which
!
(PTP) box on Schedule K-1 is
to provide each general partner and
you materially participated if you were a
checked, do not report passive
disqualified person the information
“real estate professional” for the tax year.
CAUTION
income (loss) from the partnership on
necessary to comply with the passive
You were a real estate professional only if
Form 8582. See page 5 for the special
activity rules of section 469. Items of
you met both of the following conditions.
rules for PTPs.
income, gain, loss, credit, etc., must be
a. More than half of the personal
separately reported to general partners
services you performed in trades or
Corporations. Use Form 8810,
for each trade or business, rental real
businesses were performed in real
Corporate Passive Activity Loss and
estate, and other rental activity.
property trades or businesses in which
Credit Limitations. See the instructions for
you materially participated and
more information.
Except for the PTP discussion on
!
b. You performed more than 750
page 5, the following information
For limited partners of an ELP, all
hours of services in real property trades
on passive activity limitations
CAUTION
income, loss, deductions, and credits
or businesses in which you materially
applies only to general partners.
from trade or business and rental
participated.
activities generally are reported as being
Generally, passive activities include:
from a trade or business that is a single
Note. For a closely held C corporation
1. Trade or business activities in
passive activity.
(defined in section 465(a)(1)(B)), the
which you did not materially participate
above conditions are treated as met if
and
However, the determination of
more than 50% of the corporation’s gross
2. Activities that meet the definition of
whether an activity is a passive activity
receipts were from real property trades or
rental activities under Temporary
must be made by any partner who is
businesses in which the corporation
Regulations section 1.469-1T(e)(3) and
either a:
materially participated.
•
Regulations section 1.469-1(e)(3).
General partner or
•
For purposes of this rule, each interest
Limited partner who is a disqualified
Passive activities do not include the
in rental real estate is a separate activity,
person (as defined on page 2) with
following.
unless you elect to treat all interests in
respect to items of income, gain, loss,
rental real estate as one activity. For
deduction, and credit attributable to
1. Trade or business activities in
details on making this election, see the
partnership oil and gas properties.
which you materially participated.
Instructions for Schedule E (Form 1040).
If you are married filing jointly, either
Worksheet for Adjusting the Basis of a Partner’s
you or your spouse must separately meet
Interest in the Partnership
Keep for Your Records
both of the above conditions, without
taking into account services performed by
1. Your adjusted basis at the end of the prior year. Do not enter less
the other spouse.
than zero. Enter -0- if this is your first tax year. . . . . . . . . . . . . . .
1.
A real property trade or business is
Increases:
any real property development,
redevelopment, construction,
2. Money and your adjusted basis in property contributed to the
reconstruction, acquisition, conversion,
partnership less the associated liabilities (but not less than zero).
2.
rental, operation, management, leasing,
3. Your increased share of or assumption of partnership liabilities.
or brokerage trade or business. Services
(Subtract your share of liabilities shown on your 2007 Schedule K-1
you performed as an employee are not
from your share of liabilities shown on your 2008 Schedule K-1 and
treated as performed in a real property
add the amount of any partnership liabilities you assumed during
trade or business unless you owned more
the tax year.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3.
than 5% of the stock (or more than 5% of
the capital or profits interest) in the
4. Your share of the partnership’s income or gain (including
employer.
tax-exempt income) reduced by any amount included in interest
income with respect to the credit to holders of clean renewable
3. Working interests in oil or gas
energy bonds, gulf tax credit bonds, or Midwestern tax credit bonds
4.
wells.
4. The rental of a dwelling unit any
5. Any gain recognized this year on contributions of property. Do not
partner used for personal purposes during
include gain from transfer of liabilities . . . . . . . . . . . . . . . . . . . .
5.
the year for more than the greater of 14
Decreases:
days or 10% of the number of days that
the residence was rented at fair rental
6. Withdrawals and distributions of money and the adjusted basis of
value.
property distributed to you from the partnership. Do not include the
amount of property distributions included in the partner’s income
5. Activities of trading personal
(taxable income) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.
property for the account of owners of
interests in the activities.
Caution. A distribution may be taxable if the amount exceeds your
adjusted basis of your partnership interest immediately before the
Material participation. You must
distribution.
determine if you (a) materially participated
7. Your share of the partnership’s nondeductible expenses that are
in each trade or business activity held
not capital expenditures . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
through the partnership and (b) were a
real estate professional (defined above),
8. Your share of the partnership’s losses and deductions (including
capital losses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
in each rental real estate activity held
through the partnership. All
9. Your adjusted basis in the partnership at end of this tax year. (Add
determinations of material participation
lines 1 through 5 and subtract lines 6 through 8 from the total. If
are made based on your participation
zero or less, enter -0-.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
during the partnership’s tax year.
Caution. The deduction for your share of the partnership’s losses
Material participation standards for
and deductions is limited to your adjusted basis in your partnership
partners who are individuals are listed
interest. If you entered zero on line 9 and the amount computed for
below. Special rules apply to certain
line 9 was less than zero, a portion of your share of the partnership
losses and deductions may not be deductible (see Basis Rules on
retired or disabled farmers and to the
page 2 for more information.)
surviving spouses of farmers. See the
Instructions for Form 8582 for details.
-3-
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