Form It-565i - Partnership Return Of Income Page 3
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11trust, corporation, or organization not located in Louisiana shall file
If the distributive share is a loss, the loss is limited to the
an information return with the Secretary of Revenue on or before June
amount of the adjusted basis of such partner’s interest in
1 of the following year for each such payee. The return shall include
the other partnership at the end of the partnership year in
the name, address, Federal Employer Identification Number, and/or
which the loss occurred. If the taxable year of the return filed
Social Security Number of both the payor and payee. There shall also be
does not coincide with the tax year of the other partnership,
included the amount and description of payments to each such payee.
include the distributive share of the net profits (or losses)
The Federal Information Return Form (Form 1099) for reporting
from the other partnership in the tax year in which the other
such payments may be used for reporting the required information.
partnership’s tax year ends.
Federal Form 1099 shall be accompanied by the Annual Summary
Line 5
Dividends — Enter the amount of dividends (except certain
and Transmittal of U.S. Information Returns, Federal Form 1096
stock dividends) received from any corporation, regardless of
furnishing the payor’s name, address, employer identification number,
whether or not the corporation has paid any income tax to
and/or social security number, along with the number of Forms 1099
Louisiana.
enclosed. Informational returns reporting other items of income that
would normally appear on Federal Form 1099 are required only upon
Line 6
Interest — Enter the amount of all interest received or
the specific request of the Secretary of Revenue.
credited to the partnership during the taxable period on bank
deposits, notes, mortgages, corporation bonds, and bonds of
Federal Employer Identification Number — Provide the Federal
states, cities, and other political subdivisions. Do not include
Employer Identification Number (EIN) that was assigned to the part-
bonds issued under authority granted by Acts of the Louisiana
nership by the Internal Revenue Service.
Legislature, if such Acts provide that the interest on such bonds
Federal Net Income — Enter the amount of the partnership’s federal
shall be exempt from taxation.
net income as reported to the Internal Revenue Service on Federal Form
Line 7
Rents and Royalties — Enter the amount of net income or
1065, R.S. 47:103(B). Louisiana Revised Statute (R.S.) 47:103(C)
net loss from Schedule B, Line 2.
requires that every taxpayer whose federal income tax return is adjusted
must furnish a statement disclosing the nature and amounts of such
Line 8
Net Farm Profit (or Loss) — Enter the amount of net
adjustments within 60 days after the federal adjustments have been
profit or net loss from farming. Attach schedule explaining
made and accepted.
determination of profit or loss.
Line 9
Profit or Loss from the Sale of Capital Assets such as Stocks,
Gross income and deductions
Bonds, Real Estate, etc. — Enter the amount of profit from
Line 1
Gross Receipts or Gross Sales — Enter the amount of gross
the sale of property, including property situated outside of
receipts or gross sales, less goods returned, and any allowance
Louisiana, as reported on Schedule D of the return.
or discounts from the sale price if engaged in business where
Describe the property briefly using Schedule D by giving
inventories are an income-determining factor.
location and state the actual consideration of price received,
Line 2
Cost of Goods Sold — Enter the Cost of Goods Sold from
or the fair market value of the property received in exchange.
Schedule A, Line 6.
Expenses connected with the sale, such as commissions paid
to agents may be deducted in computing the amount received.
If the production, purchase, or sale of merchandise is
an income-producing factor in the trade or business,
If a gain or a loss is computed on the sale of property acquired
inventories of the merchandise on hand should be taken at
before January 1, 1934, both the cost and the acquired value
the beginning and end of the taxable year. The inventories
must be shown with information as to how the January 1,
1934, value was determined, as provided by R.S. 47:155. If
may be valued using either the cost method, or the lower of
the amount shown as cost is other than actual cash cost of
cost or market method. If the inventories reported do not
the property sold, full details must be furnished regarding the
agree with the inventories in the records, attach a statement
acquisition of the property.
explaining how the difference occurred.
Enter as depreciation, the amount of exhaustion, wear and
Line 3
Gross Profit from Sales — Subtract Line 2 from Line 1 and
tear, obsolescence, or depletion that has been allowed (but
enter the result.
not less than the amount allowable) in respect to such
If the installment method is used, attach a schedule to the
property since date of acquisition, or since January 1, 1934,
return showing the following information separately for
if the property was acquired before that date. In addition,
the current year and each of the three preceding years: (a)
if the property was acquired before January 1, 1934, and if
the cost of such property is greater than its fair market value
Gross sales; (b) Cost of goods sold; (c) Gross profits; (d)
as of that date, the cost shall be reduced by the depreciation
Percentage of profits to gross sales; (e) Amount collected;
actually sustained before that date. See R.S. 47:156(A).
and, (f ) Gross profit on amount collected. Enter on Line 3
the gross profit on collections made during the current year.
Subsequent improvements include expenditures for additions,
See R.S. 47:94(A).
improvements, and repairs made to restore the property or
prolong its useful life. Do not include ordinary repairs, interest,
Line 4
Income (or loss) from Other Partnerships, Syndicates, etc.
or taxes in computing gain or loss.
Enter the amount of the partnership’s distributive share of
another partnership’s capital gains or losses. The distributive
share of the gains and losses need not have been distributed.
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