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 6
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12Box 2. Taxable Income (Loss)
Partner’s Share of
Boxes 1 Through 9
From Other Activities
The amounts shown in boxes 1 through 9
Liabilities
This amount is not subject to the passive
reflect your share of income, loss,
The partnership will show your share of
activity limitations. Report the amount as
deductions, credits, etc., from the
the partnership’s nonrecourse liabilities,
follows.
partnership. These amounts do not take
•
partnership-level qualified nonrecourse
If the amount is income, report it on
into consideration the following
financing, and other liabilities as of the
Schedule E (Form 1040), line 28, column
limitations.
end of the partnership’s tax year. If you
•
(j).
The adjusted basis of your partnership
•
terminated your interest in the partnership
If the amount is a loss, report it on
interest.
during the tax year, the amounts should
•
Schedule A (Form 1040), line 28.
The amount for which you are at risk.
reflect the share that existed immediately
•
The passive activity limitations.
Note. If the amount of interest included
before the total disposition. A partner’s
in box 2 includes interest from the credit
For information on these provisions,
“other liability” is any partnership liability
to holders of clean renewable energy
see Limitations on Losses, Deductions,
for which a partner is personally liable.
bonds, gulf tax credit bonds, or
and Credits beginning on page 2.
Midwestern tax credit bonds, the
Use the total of the three amounts for
For individuals, the following
partnership will attach a statement to
computing the adjusted basis of your
instructions explain how to report the
Schedule K-1 showing your distributive
partnership interest.
amounts shown in the boxes. For all other
share of interest income from these
Generally, you can use only the
entities, report the amounts in the boxes
credits. No adjustment to your basis in the
amounts shown next to “Qualified
as instructed on your income tax return.
partnership is permitted with respect to
nonrecourse financing” and “Other” to
the above bond credits under section
The line numbers in these instructions
figure your amount at risk. Do not include
54(l)(3)(B). Because the basis in your
are references to forms in use for
any amounts that are not at risk if such
partnership interest is increased by your
calendar year 2008. If you file your tax
amounts are included in either of these
share of the interest income from these
return on a calendar year basis, but your
categories.
credits, you must reduce your bases by
partnership files a return for a fiscal year,
If your partnership is engaged in two or
the same amount to offset the increase.
enter the amounts shown in the boxes on
more different types of activities subject to
See Line 4 of the Worksheet for Adjusting
your tax return for the year in which the
the at-risk provisions, or a combination of
the Basis of a Partner’s Interest in the
partnership’s fiscal year ends. For
at-risk activities and any other activity, the
Partnership on page 3.
example, if the partnership’s tax year
partnership should give you a statement
ends on June 30, 2009, report the
Box 3. Qualified Dividends
showing your share of nonrecourse
amounts in the boxes on your 2009
liabilities, partnership-level qualified
Report this amount on lines 9a and 9b of
income tax return.
nonrecourse financing, and other
Form 1040.
If you have losses, deductions, or
liabilities for each activity.
Note. Qualified dividends are excluded
credits from a prior year that were not
from investment income, but you can
Qualified nonrecourse financing.
deductible or usable because of certain
elect to include part or all of these
Qualified nonrecourse financing generally
limitations, such as the basis rules or the
amounts in investment income. See the
includes financing for which no one is
at-risk limitations, take them into account
instructions for line 4g of Form 4952,
personally liable for repayment that is
in determining your net income, loss, or
Investment Interest Expense Deduction,
borrowed for use in an activity of holding
credits for this year. However, except for
for important information on making this
real property and that is loaned or
passive activity losses and credits, do not
election.
guaranteed by a federal, state, or local
combine the prior-year amounts with any
government or borrowed from a
amounts shown on this Schedule K-1 to
Box 4a. Net Capital Gain or
“qualified” person. Qualified nonrecourse
get a net figure to report on any
(Loss) From Passive Activities
financing secured by real property used in
supporting schedules, statements, or
an activity of holding real property that is
forms attached to your return. Instead,
Limited partners only. The net capital
subject to the at-risk rules is treated as an
report the amounts separately on the
gain (loss) reported in box 4a, is treated
amount at risk.
attached schedule, statement, or form on
as being from a trade or business that is a
a year-by-year basis.
single passive activity. If a net capital gain
Qualified persons. Qualified persons
is reported in box 4a, report the gain on
include any persons actively and regularly
For amounts other than those shown
Schedule D (Form 1040), line 12, column
engaged in the business of lending
on Schedule K-1, enter each item on a
(f).
money, such as a bank or savings and
separate line of Part II of Schedule E
loan association. Qualified persons
(Form 1040).
If a loss is reported in box 4a, report it
generally do not include related parties
following the Form 8582 instructions to
Box 1. Taxable Income (Loss)
(unless the nonrecourse financing is
figure how much of the loss can be
From Passive Activities
commercially reasonable and on
reported on Schedule D (Form 1040), line
substantially the same terms as loans
12, column (f). However, if the PTP box is
Limited partners only. Any amount
involving unrelated persons), the seller of
checked, report the loss following the
reported in box 1 is treated as being from
the property, or a person who receives a
rules for Publicly traded partnerships.
a trade or business that is a single
fee for the partnership’s investment in the
passive activity. Report this amount as
Box 4b. Net Capital Gain or
real property.
follows.
(Loss) From Other Activities
•
See Pub. 925 for more information on
If income is reported in box 1, report
Net capital gain or (loss) from other
qualified nonrecourse financing.
the income on Schedule E (Form 1040),
activities is not subject to the passive
line 28, column (g). However, if the PTP
Both the partnership and you must
activity limitations. Report the gain or
box is checked, report the income
meet the qualified nonrecourse rules on
(loss) on Schedule D (Form 1040), line
following the rules for Publicly traded
this debt before you can include the
12, column (f).
partnerships on page 5.
amount shown next to “Qualified
•
If a loss is reported in box 1, follow the
Box 5. Net Passive AMT
nonrecourse financing” in your at-risk
Instructions for Form 8582 to figure how
Adjustment
computation.
much of the loss can be reported on
See Limitations on Losses,
Schedule E (Form 1040), line 28, column
Limited partners only. Use this amount
Deductions, and Credits beginning on
(f). However, if the PTP box is checked,
(as well as your adjustments and tax
page 2 for more information on the at-risk
report the loss following the rules for
preference items from other sources) to
limitations.
Publicly traded partnerships.
prepare your Form 6251, Alternative
-6-
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