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trust, 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.

Form It-565 - Partnership Return Of Income With Instructions And Form It-565b Apportionment Of Income Schedule Page 3

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