Fillable Form It-565 - Partnership Return Of Income (Page 3 of 11) in pdf

information. Federal Form 1099 shall be accompanied by Federal

Line 7

Rents and Royalties — Print on Line 7 the net income (or

loss) as reported on Schedule B.

Form 1096 furnishing the payor’s name, address, Federal Employer

Identification Number, and/or Social Security Number and the number

Line 8

Net Farm Profit (or Loss) — Print the net profit (or loss)

of Forms 1099 enclosed. Informational returns reporting other items of

from farming. Attach schedule explaining determination of

income that would normally appear on Federal Form 1099 are required

profit or loss.

only upon the specific request of the Secretary of Revenue.

Line 9

Profit or Loss from the Sale of Capital Assets such as Stocks,

Gross income and deductions

Bonds, Real Estate, etc. — Print the profit from the sale of

Line 1

Gross Sales — Print the gross sales, less goods returned, and any

property, including property situated outside of Louisiana, as

allowance or discounts from the sale price if engaged in business

reported on Schedule D of the return.

where inventories are an income-determining factor.

Describe the property briefly using Schedule D; give location,

Line 2

Cost of Goods Sold — Print the cost of goods sold as

and state the actual consideration of price received, or the fair

market value of the property received in exchange. Expenses

determined on Schedule A on Page 2 of the return.

connected with the sale, such as commissions paid agents, may

If the production, purchase, or sale of merchandise is an

be deducted in computing the amount received.

income-producing factor in the trade or business, inventories

If a gain or a loss is computed on the sale of property acquired

of the merchandise on hand should be taken at the beginning

before January 1, 1934, both the cost and the acquired value

and end of the taxable year. The inventories may be valued

must be shown with information as to how the January 1,

using either the cost method, or the lower of cost or market

1934, value was determined, as provided by R.S. 47:155. If

method. If the inventories reported do not agree with the

the amount shown as cost is other than actual cash cost of

inventories in the records, attach a statement explaining how

the property sold, full details must be furnished regarding the

the difference occurred.

acquisition of the property.

Line 3

Gross Profit from Sales — Print on Line 3 the gross profit,

Enter as depreciation, the amount of exhaustion, wear and

that is obtained by deducting Line 2, the cost of goods sold

tear, obsolescence, or depletion that has been allowed (but

as extended, from Line 1, the gross sales.

not less than the amount allowable) in respect to such

property since date of acquisition, or since January 1, 1934,

If the installment method is used, attach a schedule to the

if the property was acquired before that date. In addition,

return showing the following information separately for

if the property was acquired before January 1, 1934, and if

the current year and each of the three preceding years: (a)

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. Print 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.

Print the partnership’s distributive share (whether or not

distributed) of the profits of another partnership’s capital

No loss shall be recognized in any sale or other disposition

of shares of stock or securities where the partnership has

gains or losses. If the distributive share is a loss, the loss is

acquired, or contracted to acquire, substantially identical stock

limited to the amount of the adjusted basis of such partner’s

or securities within 30 days before or after the date of such sale,

interest in the other partnership at the end of the partnership

unless the partnership is a dealer in stock or securities in the

year in which such loss occurred. If the taxable year of the

ordinary course of business.

return filed does not coincide with the tax year of the other

partnership, include the distributive share of the net profits

Deduction for losses from sales or exchanges of capital assets

(or losses) from the other partnership in the tax year in which

are allowed only to the extent of the gains from such sales or

the other partnership’s tax year ends.

exchanges. (See R.S. 47:72.)

Line 5

Dividends — Print on Line 5 all dividends (except certain

Line 10 Profit or Loss from Sale of Property Other Than Capital

stock dividends) received from any corporation, regardless

Assets — Print the profit or loss from the sales or exchanges

of whether or not the corporation has paid any income tax

of property other than capital assets reported on Schedule E

to Louisiana.

of the return, and furnish the information required by the

Line 9 instructions.

Line 6

Interest — Print on Line 6 all interest received or credited to

the partnership during the taxable period on bank deposits,

Line 11 Other Income — Print any other taxable income and explain its

nature on an attached schedule, except items requiring separate

notes, mortgages, corporation bonds, and bonds of states, cities,

computation that are required to be reported on Schedule J.

and other political subdivisions. Do not include bonds issued

Include taxable income from annuities and insurance proceeds.

under authority granted by Acts of the Louisiana Legislature,

if such Acts provide that the interest on such bonds shall be

Line 12 Total Income — Add the amounts on Lines 3 through 11 and

exempt from taxation.

print that amount on Line 12.

Form It-565 - Partnership Return Of Income Page 3

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