Form It-565i - Partnership Return Of Income Page 5
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11(2) Sum of the years-digit method — Under this method,
statement indicating (1) the amount of each class of exempt
annual allowances for depreciation are computed by
income, and (2) the amount of expense allocated to each
applying changing fractions to the taxpayer’s cost or
class of exempt income. Any amount of expense calculated
other basis of property (reduced by estimated salvage
by apportionment must be shown separately.
value). The deduction for each year is computed by
Line 25 Total Deductions — Add the amounts on Lines 13 through
multiplying the cost or other basis of the asset (reduced
24 and enter the result.
by estimated salvage value) by the number of years of
useful life remaining (including the year for which the
Line 26 Net Income (or Loss) — Subtract Line 25 from Line 12 and
deduction is computed) and dividing the product by the
enter the result.
sum of all the digits corresponding to the years of the
Line 27 Net Gain from Sale of Capital Assets — Enter on Line 27
estimated useful life of the assets.
the amount of gain from the sale or exchange of capital assets
(3) Other methods — A taxpayer may use any consistent
included on Line 9.
method that does not result in accumulated allowances at
the end of the year greater than the total of the accumulated
Line 28 Ordinary Income (or Loss) — Subtract Line 27 from Line 26
allowances that would have resulted from the use of the
and enter the result.
declining method. This limitation applies only during the
Partners’ Allocations — This schedule should show complete
first two-thirds of the useful life of the property.
information indicating all persons who were members of the
If a deduction is claimed for depreciation, Schedule G must be
partnership, syndicate, group, etc., during any portion of the taxable
completed. When obsolescence is included, state separately the
year. Although the partnership is not subject to income tax, the individual
amount claimed and the basis upon which it is computed. Land
members are liable for income tax and are subject to tax on their distribu-
values or costs must not be included in this schedule, and where
tive shares of the income of the partnership, whether distributed or not,
land and buildings were purchased for a lump sum, the cost of
and each is required to include his share in his return. However, a partner
the building subject to depreciation must be established. The
may not claim on his separate return a distributive share of loss from a
total amount of depreciation allowed on each property in prior
partnership to the extent any such loss exceeds the basis of his interest
years must be shown, and if the cost of any asset has been fully
in the partnership. The excess of such loss may be claimed for later years
recovered through previous depreciation allowances, the cost
to the extent that the basis for the partner’s interest is increased above
of such assets must not be included in the cost shown in the
zero. Each partner should be advised by the partnership of his share of
schedule of depreciable assets. See R.S. 47:65 and R.S. 47:157.
the income, deductions, and credits as shown on Schedule J. Individuals
should use the information reported on the federal partnership return
Line 22 Amortization — Enter the total amount of amortization
instead of the amounts shown in the partners’ allocation schedule. Cor-
deduction for any emergency facility constructed or erected in
porations should refer to R. S. 47:287.93(A)(5).
taxable years beginning after December 31, 1955, R.S. 47:65(I),
to which the Government has issued a certificate of necessity. A
Signatures
statement of the pertinent facts should be filed with the return.
The return must be signed by any one of the partners or members. If
No amortization is permitted for the adjusted basis of a grain
receivers, trustees in bankruptcy, or assignees are in control of the prop-
storage facility or certain expenditures relating to research and
erty or business of the organization, such receivers, trustees, or assignees
experiment and trademark and trade name expenditures.
shall execute the return.
Line 23 Depletion of Mines, Oil and Gas Wells, Timber, etc. —
Any person, firm, or corporation who prepares a taxpayer’s return must
Enter the total amount of depletion of mines, oil or gas wells,
also sign. If a return is prepared by a firm or corporation, the return must
timber, etc. If complete valuation data has been submitted
be signed in the name of the firm or corporation. This verification is not
in previous years, include a statement providing an updated
required where the return is prepared by a regular, full-time employee
amount of depletion and the method of calculation.
of the taxpayer.
Line 24 Other Deductions Authorized by Law — Enter the total
amount of other authorized deductions. Do not include
items requiring separate computation and required to be
reported on Schedule J. Do not deduct losses incurred in
transactions that were neither connected with the trade or
business nor entered into for profit. No deduction is allowed
for any expense incurred to produce income not subject to
Louisiana Income Tax. If an expense is incurred in part for the
production of taxable income and in part for the production
of tax exempt income, then only the portion of the expense
that can reasonably be attributed to the production of taxable
income is deductible.
A partnership receiving any exempt income, other than
interest, or holding any property, or engaging in any activity
from which the income is exempt shall include an itemized
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