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 8
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12loss can be reported on Schedule D, line
(loss) following the rules for Publicly
Code E. Limited Partner’s 28%
12, column (f). However, if the PTP box is
traded partnerships.
Rate Gain or (Loss) From Other
checked, report the loss following the
Activities
Code C2. General partner’s net capital
rules for Publicly traded partnerships.
The 28% gain or (loss) from other
gain or (loss) from other rental
Code B3. General partner’s 28% rate
activities is not subject to the passive
activities. The net capital gain (loss)
gain or (loss) from rental real estate
activity limitations. Include it on line 4 of
from other rental activities is a passive
activities. The 28% rate gain or (loss)
the 28% Rate Gain Worksheet on page
activity amount for all general partners.
from a rental real estate activity is a
D-8 of the Instructions for Schedule D
Report the gain on Schedule D (Form
passive activity amount unless you were
(Form 1040).
1040), line 12, column (f). Report a loss
a real estate professional and you
following the Instructions for Form 8582 to
Code F. Guaranteed Payments
materially participated in the activity. If the
figure how much of the loss can be
Generally, these amounts are not passive
amount is either (a) a loss that is not from
reported on Schedule D (Form 1040), line
income. Report them on Schedule E
a passive activity or (b) a gain, include it
12, column (f). However, if the PTP box is
(Form 1040), line 28, column (j) (for
on line 4 of the 28% Rate Gain
checked, report the loss following the
example, guaranteed payments for
Worksheet on page D-8 of the
rules for Publicly traded partnerships.
personal services).
Instructions for Schedule D (Form 1040).
Code G. Income From Discharge of
If the amount is a loss from a passive
Code C3. General partner’s 28% rate
activity, report it following the Instructions
gain or (loss) from other rental
Indebtedness
for Form 8582 to figure how much of the
activities. The 28% rate gain or (loss)
The amount reported under Code G is
loss can be included on line 4 of the 28%
from other rental activities is a passive
excluded from your gross income to the
Rate Gain Worksheet on page D-8 of the
activity amount for all general partners. If
extent provided in section 108 if the
Instructions for Schedule D (Form 1040).
the amount is a gain, include it on line 4
discharge:
However, if the PTP box is checked,
•
of the 28% Rate Gain Worksheet on page
Occurred in a title 11 case relating to
report the loss following the rules for
D-8 of the Instructions for Schedule D
bankruptcy,
Publicly traded partnerships.
•
(Form 1040). Report a loss following the
Occurred when you were insolvent,
•
Instructions for Form 8582 to figure how
Involved qualified farm indebtedness,
Code B4. General partner’s general
much of the loss can be included on line 4
as defined in section 108(g), or
credits from rental real estate
•
of the 28% Rate Gain Worksheet on page
Involved qualified real property
activities. Report the general credits on
D-8 of the Instructions for Schedule D
business indebtedness, as defined in
line 1z of Form 3800. Unless you were a
(Form 1040). However, if the PTP box is
section 108(c)(3), unless the partner is a
real estate professional and materially
checked, report the loss following the
C corporation.
participated in the rental real estate
rules for Publicly traded partnerships.
activity, you must also include the general
This amount is applied, instead, to
credits on line 3 of Form 3800.
reduce certain tax attributes. File Form
Code C4. General partner’s general
982, Reduction of Tax Attributes Due to
Code B5. General partner’s
credits from other rental activities.
Discharge of Indebtedness, to explain
low-income housing credit from rental
Report the general credits on line 1z of
why any amount received from the
real estate activities. Report the
Form 3800. Because general credits from
discharge of indebtedness should be
low-income housing credit on Part I, line
other rental activities are passive activity
excluded and to report your reduction of
4, of Form 8586 for buildings placed in
credits for all general partners, you must
tax attributes.
service before January 1, 2008, and on
also include the general credits on line 3
Part II, line 11, for buildings placed in
For a discharge of indebtedness not
of Form 3800.
service after December 31, 2007. Unless
described above, you must include this
you were a real estate professional and
Code C5. General partner’s alternative
amount in income on Schedule E (Form
materially participated in the rental real
minimum tax adjustment from other
1040), line 28, column (g) or (j).
estate activity, the low-income housing
rental activities. An AMT adjustment
Code H. Tax-Exempt Interest
credit is a passive activity credit.
must be reported on line 16 of Form
Income
6251. However, if the AMT adjustment is
Code B6. General partner’s
Report on your income tax return, as an
from a passive activity, it must be taken
rehabilitation credit from rental real
item of information, your share of the
into account on line 19 with adjustments
estate activities. Report the
tax-exempt interest received or accrued
and preferences from other passive
rehabilitation credit on line 10m of Form
by the partnership during the year.
activities instead of being reported on line
3468, Investment Credit. Unless you were
Individual partners must include this
a real estate professional and materially
16.
amount on Form 1040, line 8b. Increase
participated in the rental real estate
the adjusted basis of your interest in the
activity, the credit is a passive activity
Code D. Limited Partner’s 28%
partnership by this amount.
credit, and you must also file Form 3800.
Rate Gain or (Loss) From Passive
Activities
Code I. Limited Partner’s
Code B7. General partner’s alternative
Rehabilitation Credit From Rental
minimum tax adjustment from rental
Limited partners only. The 28% rate
real estate activities. An AMT
Real Estate Activities
gain or (loss) is treated as being from a
adjustment must be reported on line 16 of
trade or business that is a single passive
Limited partners only. Report this
Form 6251. However, if the AMT
amount on line 10m of Form 3468.
activity. If a gain is reported, include it on
adjustment is from a passive activity, it
Because the credit is treated as being
line 4 of the 28% Rate Gain Worksheet
must be taken into account on line 19 with
from a single passive activity, you must
on page D-8 of the Instructions for
other passive activities instead of being
also file Form 3800.
Schedule D (Form 1040).
reported on line 16.
Codes J1 and J2. Self-Employment
If a loss is reported, report the loss
Code C1. General partner’s taxable
following the Instructions for Form 8582 to
income or (loss) from other rental
Code J1. Net earnings or (loss) from
figure how much of the loss can be
activities. Income (loss) reported in box
self-employment. Enter this amount on
included on line 4 of the 28% Rate Gain
9, Code C1, is a passive activity amount
Schedule SE (Form 1040), line 2, Section
Worksheet on page D-8 of the
for all general partners. Report a loss
A or B, whichever is applicable. General
Instructions for Schedule D (Form 1040).
following the Instructions for Form 8582.
partners should reduce this amount by
However, if the PTP box is checked,
Report income on Schedule E (Form
unreimbursed partnership expenses
report the loss following the rules for
1040), line 28, column (g). However, if the
claimed. General partners who are
Publicly traded partnerships.
PTP box is checked, report the income
disqualified persons also should reduce
-8-
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