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 7
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12Minimum Tax — Individuals; Form 4626,
Report Code A1 income or (loss) from
activities. Generally, the income or
Alternative Minimum Tax — Corporations;
partnership trade or business activities in
(loss) reported in box 9, Code B1, is a
or Schedule I (Form 1041), Alternative
which you did not materially participate as
passive activity amount for all general
Minimum Tax — Estates and Trusts. The
follows.
partners. However, the income or (loss) in
adjustment is treated as being from a
box 9 is not from a passive activity if you
1. Report any income on Schedule E
trade or business that is a single passive
were a real estate professional and you
(Form 1040), line 28, column (g).
activity.
materially participated in the activity.
However, if the PTP box on Schedule K-1
is checked, report the income following
Use the following instructions to
Individuals should enter the amount on
the rules for Publicly traded partnerships.
determine where to enter the Code B1
line 19 of Form 6251, where it is taken
2. Report a loss following the
amount.
into account with adjustments and
Instructions for Form 8582 to figure how
preferences from other passive activities.
1. If you have a loss from a passive
much of the loss can be reported on
activity in box 9, Code B1, and you meet
Box 6. Net Other AMT
Schedule E (Form 1040), line 28, column
all of the following conditions, enter the
(f). However, if the PTP box is checked,
Adjustment
loss on Schedule E (Form 1040), line 28,
report the loss following the rules for
Individual general and limited partners
column (f).
Publicly traded partnerships.
should enter this amount on line 16 of
a. You actively participated in the
Form 6251.
partnership rental real estate activities.
Code A2. General partner’s net capital
See Special allowance for rental real
gain or (loss) from trade or business
Box 7. General Credits
estate activities on page 4.
activities. If you did not materially
Limited partners only. Enter this amount
b. Rental real estate activities with
participate in the trade or business
from box 7 on line 1z of Form 3800,
active participation were your only
activity, the net capital gain or (loss) is a
General Business Credit. Because
passive activities.
passive activity amount. If the amount is
general credits are treated as being from
c. You have no prior year unallowed
either (a) a loss that is not from a passive
a trade or business that is a single
losses from these activities.
activity or (b) a gain, report it on Schedule
passive activity, you must also include the
d. Your total loss from the rental real
D (Form 1040), line 12, column (f).
box 7 amount on line 3 of Form 3800.
estate activities was not more than
If the amount is a loss from a passive
$25,000 (not more than $12,500 if
Box 8. Low-Income Housing
activity, report it following the Instructions
married filing separately and you lived
Credit
for Form 8582 to figure how much of the
apart from your spouse all year).
loss can be reported on Schedule D
Limited partners only. Enter the amount
e. If you are a married person filing
(Form 1040), line 12, column (f).
reported in box 8 of Schedule K-1 on line
separately, you lived apart from your
However, if the PTP box is checked,
4 of Form 8586, Low-Income Housing
spouse all year.
report the loss following the rules for
Credit. If an amount is reported in box 8,
f. You have no current or prior year
Publicly traded partnerships.
all of the low-income housing credit is for
unallowed credits from a passive activity.
Code A3. General partner’s 28% rate
buildings placed in service before January
g. Your modified adjusted gross
1, 2008. If any of the low-income housing
gain (loss) from trade or business
income was not more than $100,000 (not
activities. If you did not materially
credit is for buildings placed in service
more than $50,000 if married filing
after December 31, 2007, the partnership
participate in the trade or business
separately and you lived apart from your
will enter “STMT” in box 8 and attach a
activity, the 28% rate gain or (loss) is a
spouse all year).
passive activity amount. If the amount is
statement which lists separately the
2. If you have a (loss) from a passive
amount of the credit for buildings placed
either (a) a loss that is not from a passive
activity in box 9 and you do not meet all
activity or (b) a gain, include it on line 4 of
in service prior to January 1, 2008
the conditions in 1 above, report the loss
(reported on line 4 of Form 8586), and the
the 28% Rate Gain Worksheet on page
following the Instructions for Form 8582 to
amount for buildings placed in service
D-8 of the Instructions for Schedule D
figure how much of the loss you can
(Form 1040).
after December 31, 2007 (reported on line
report on Schedule E (Form 1040), line
11 of Form 8586). See the instructions for
28, column (f). However, if the PTP box is
If the amount is a loss from a passive
Form 8586 for more information.
checked, report the loss following the
activity, report it following the Instructions
rules for Publicly traded partnerships.
for Form 8582 to figure how much of the
Box 9. Other
3. If you were a real estate
loss can be included on line 4 of the 28%
professional and you materially
Rate Gain Worksheet on page D-8 of the
Codes A Through C
participated in the activity, report box 9
Instructions for Schedule D (Form 1040).
General partners in an ELP must
income or (loss) on Schedule E (Form
However, if the PTP box is checked,
separately account for any items
1040), line 28, column (h) or (j).
report the loss following the rules for
attributable to passive loss limitation
4. If you have income from a passive
Publicly traded partnerships.
activities to the extent necessary to
activity in box 9, Code B1, enter the
Code A4. General partner’s general
comply with the section 469 passive loss
income on Schedule E (Form 1040), line
credits from trade or business
rules. Therefore, the partnership is
28, column (g). However, if the PTP box
activities. Report the general credits on
required to report income or (loss), capital
is checked, report the income following
line 1z of Form 3800. If you did not
gain or (loss), 28% rate gain or (loss),
the rules for Publicly traded partnerships.
materially participate in the trade or
credits, and the alternative minimum tax
business activity, you must also include
adjustment separately for all trade or
Code B2. General partner’s net capital
the general credits on line 3 of Form
business activities, rental real estate
gain or (loss) from rental real estate
3800.
activities, and rental activities other than
activities (for the entire year). The net
rental real estate.
capital gain or (loss) from a rental real
Code A5. General partner’s alternative
estate activity is a passive activity amount
minimum tax adjustment from trade or
Code A1. General partner’s taxable
unless you were a real estate
business activities. Generally, an AMT
income (loss) from trade or business
professional and you materially
adjustment must be reported on line 16 of
activities. Report Code A1 income
participated in the activity. If the amount is
Form 6251. However, if the AMT
(loss) from partnership trade or business
either (a) a loss that is not from a passive
adjustment is from a passive activity, it
activities in which you materially
activity or (b) a gain, report it on Schedule
must be taken into account on line 19 with
participated on Schedule E (Form 1040),
D (Form 1040), line 12, column (f).
adjustments and preferences from other
line 28, column (h) or (j). See the
passive activities.
instructions to determine whether you
If the amount is a loss from a passive
materially participated in a trade or
Code B1. General partner’s taxable
activity, report it following the Instructions
business activity.
income (loss) from rental real estate
for Form 8582 to figure how much of the
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