Form It-565i - Partnership Return Of Income Page 4
Download a blank fillable Form It-565i - Partnership Return Of Income in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form It-565i - Partnership Return Of Income with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11No loss shall be recognized in any sale or other disposition
which the partnership discovers the loss. Attach a statement
of shares of stock or securities where the partnership has
providing a description of the property, date acquired, cost,
acquired, or contracted to acquire, substantially identical stock
subsequent improvements, depreciation allowed or allowable
or securities within 30 days before or after the date of such sale,
since acquisition, insurance, salvage value, and deductible
unless the partnership is a dealer in stock or securities in the
loss claimed.
ordinary course of business.
Line 19 Bad Debts — Enter the total amount of bad debts incurred
Deduction for losses from sales or exchanges of capital assets
during the year. Provide details of bad debts by completing
are allowed only to the extent of the gains from such sales or
Schedule F. Bad debts may be deducted either (1) when they
exchanges, R.S. 47:72.
become wholly or partially worthless; or, (2) by a reasonable
addition to a reserve for bad debts. No change of method is
Line 10 Profit or Loss from Sale of Property Other Than Capital
allowed without permission of the Secretary of Revenue.
Assets — Enter the net profit or net loss from the sales or
exchanges of property other than capital assets reported
Line 20 Repairs — Enter the total cost of incidental repairs, including
on Schedule E. Furnish the information required using the
labor, supplies, and other items, that do not add to the value
instructions from Line 9.
or appreciably prolong the life of the property repaired.
Expenditures for new buildings, machinery, equipment, or
Line 11 Other Income — Enter any other taxable income and explain
for permanent improvements or betterments that increase
its nature on an attached schedule, except items requiring
the value of the property are chargeable to capital accounts.
separate computation that are required to be reported on
Expenditures for restoring or replacing property are not
Schedule J. Include taxable income from annuities and
deductible, since such expenditures are chargeable to capital
insurance proceeds.
accounts or to depreciation reserves.
Line 12 Total Income — Add Lines 3 through 11 and enter the result.
Line 21 Depreciation Deduction — Enter the total amount of
depreciation as computed on Schedule G. A reasonable
Deductions
allowance for the exhaustion, wear and tear, and obsolescence
Line 13 Salaries and Wages — Enter all salaries and wages not
of property used in the trade or business or of property held
included as a deduction on Schedule A, Line 3. Exclude
by the taxpayer for the production of income shall be allowed
salaries to partners.
as a depreciation deduction. The allowance does not apply
Line 14 Payments to Partners — Salaries and Interest (Guaranteed
to inventories or stock-in-trade, or to land apart from the
Payments) — Enter the total amount of payments to
improvements or physical development added to it.
a partner for services or the use of capital where such
The useful life of an asset can be measured in units of
payments are determined without regard to the income
production, but the ordinary practice is to measure useful
of the partnership. Do not include distributive share of
life in years. Business experience, engineering information,
partnership profits. Allocate these profits to the appropriate
and other relevant factors provide a reasonable basis for
partners in Column 4, Partners’ Allocations, Page 1.
estimating the useful life of property. The cost (or other
Line 15 Rent — Enter the total amount of rent paid on business
basis) to be recovered should be charged off over the expected
property used in a trade or business activity. Do not deduct
useful life of the property.
rent for a dwelling occupied by any partner for personal use.
The Department of Revenue will permit the use of estimated
Line 16 Interest — Enter the total amount of interest paid for business
lives allowable for federal income tax purposes. The deduction
indebtedness. Amounts paid by a partnership to a partner for
of “bonus” or “first-year” depreciation is allowable.
the use of capital should be included on Line 14. Amounts
There are special rules for new assets acquired after
paid as interest by a partnership to a partner as a result of a
December 31, 1953. The cost or other basis of an asset
transaction wherein the partner acts in a capacity other than
acquired after December 31, 1953, may be depreciated
a partner should be included on this line. Do not include
under methods proper in the past; or it may be depreciated
interest incurred to purchase or carry obligations producing
under any of the following methods, provided (1) that the
tax exempt interest. The limitations on deductions for unpaid
asset is tangible; (2) that it has an estimated useful life of
interest are set forth in R.S. 47:75. Complete Schedule C by
three years or more; and, (3) that the original use of the
providing details.
asset commenced with the taxpayer and commenced after
Line 17 Taxes — Enter the total amount of taxes paid or accrued
December 31, 1953.
during the taxable year. Do not include Louisiana income taxes,
If an asset is constructed, reconstructed, or erected by the
taxes assessed against local benefits that increase the value of
taxpayer so that much of the basis of the asset is computed
the property assessed, or taxes not imposed upon the taxpayer
in accordance with 47:65(F)(2), and is attributable to
(R.S. 47:55). Complete Schedule C by providing details.
construction, reconstruction, or erection after December 31,
Line 18 Losses by Fire, Storm, Shipwreck, or Other Casualty, or
1953, the asset may be depreciated under any of the following
Theft — Enter the total amount of losses sustained during
methods, provided that the asset is tangible and has an estimated
the year, if arising by fire, storm, shipwreck, or other casualty,
useful life of three years or more:
or from theft, and not compensated for by insurance or
(1) Declining balance method — This method may be used
otherwise, nor reflected in cost of goods sold as set forth in
with a rate not in excess of twice the applicable straight-
R.S. 47:60(3). Theft losses can be deducted only in the year in
line rate.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form It-565 - Partnership Return Of Income With Instructions And Form It-565b Apportionment Of Income Schedule
Financial
Form 65 - Oregon Partnership Return Of Income/schedule Ap Apportionment Of Income For Partnerships - 2003
Financial
Form 65 -idaho Partnership Return Of Income, Form Id K-1 - Partner's, Shareholder's, Or Beneficiary's Share Of Idaho Adjustments, Credits, Etc - 2009
Financial
Form Ia 1065 - Partnership Return Of Income, Schedule Of Partner Or Shareholder Information - 2008
Financial
Form 65 - Idaho Partnership Return Of Income - 2012, Form Id K-1 - Partner's, Shareholder's, Or Beneficiary's Share Of Idaho Adjustments, Credits, Etc. - 2012
Financial
Related Categories
Parent category: Financial