651110
FEDERAL TAX REPORTING
20 10
Schedule K-1
(Form 1065)
SCHEDULE K-1 (FORM 1065)
Items A through M - Partner/Partnership Information: Items A through M
contain general information about your investment for the year. Item L “Partner’s
capital account analysis” is for tax accounting purposes only and is not intended to
reflect the value of your units or the Partnership’s net assets. Consult your tax advisor
Final K-1
Department of the Treasury
Internal Revenue Service
Part III
For calendar year 2010, or tax
year beginning
, 20
Partner’s Share of Income, Deductions,
See back of form and separate instructions.
Credits, etc.
Part I
A
Information About the Partnership
B
Partner’s Share of Current Year Income,
Deductions, Credits, and Other Items
1
Ordinary business income (loss)
2
Net rental real estate income (loss)
3
Other net rental income (loss)
4
Guaranteed payments
5
Interest income
6a
Ordinary dividends
6b
Qualified dividends
15
Credits
Box 19- Distributions: Box 19 (code A) represents money distributed to you by the
partnership during the taxable year.
16
Foreign transactions
interest and the character of the distribution.)
Box 20- Code A - Other Information: Box 20, Code A represents your share of
Partnership’s name, address, city, state, and ZIP code
than real estate. If you have an overall gain after combining the amount reported in
Box 3, any prior year un-allowed losses, and all other passive activities, report the
investment income which is included in Box 5. Include this amount in the computation
on Form 4952, “Investment Interest Deduction” to determine your share of deductible
income on Schedule E, Form 1040, Line 28.
investment interest expense, if any, on Form 1040, Schedule A.
If you have an overall loss after combining the amount on Box 3 with all other passive
activities, you must determine the portion of the loss that is allowed under the passive
loss limitation rules employed on Form 8582. Worksheets in the instructions for Form
C
7
Royalties
8
Net short-term capital gain (loss)
9a
Net long-term capital gain (loss)
Box 20, Code V – Unrelated Business Taxable Income: For tax exempt
IRS Center where partnership filed return
D
8582 will assist you in determining the allowable portion of the loss.
entities the amount in Box 20, Code V represents unrelated business taxable income
Check if this is a publicly traded partnership (PTP)
Part II
17
Alternative minimum tax (AMT) items
Information About the Partner
E
Partner’s identifying number
9b
Collectibles (28%) gain (loss)
tax advisor for further guidance regarding the proper filing requirements for your
F
Partner’s name, address, city, state, and ZIP code
9c
Unrecaptured section 1250 gain
10
Net section 1231 gain (loss)
11
Other income (loss)
If Part I, Box D of your 2010 Schedule K-1 is checked, follow the special instructions
on page 11 of the 2010 Form 8582 regarding publicly traded partnerships (PTPs).
interest income. These amounts are not considered part of a passive activity subject to
schedule attached. This attachment should include your share of the Partnership’s
18
Tax-exempt income and
nondeductible expenses
General partner or LLC
member-manager
Limited partner or other LLC
member
H
Domestic partner
Foreign partner
If you reside in a state/city where a state/city income tax is in effect, or if the
Partnership is determined to have taxable income (loss) attributable to operations
19
I
What type of entity is this partner?
J
Partner’s share of profit, loss, and capital (see instructions):
Beginning
share of the Partnership’s section 1231 gain (loss) from sales and exchanges of
certain property used in a trade or business. Report the section 1231 gain (loss) on
Form 4797. You may need to use Form 8582 to first determine the amount to be
12
Section 179 deduction
13
Other deductions
Distributions
your residency. Income tax laws vary from state/city to state/city.
20
Other information
%
%
Loss
%
%
(Note: The state income tax regulations are complex. You should consult
Capital
%
%
your tax advisor regarding potential state income tax filing requirements.)
Partner’s share of liabilities at year end:
Nonrecourse
.
.
.
.
.
.
$
.
$
.
.
$
.
.
$
Qualified nonrecourse financing
depreciation adjustment on property placed in service after 1986: For property
Recourse
placed in service after 1986, the depreciation deduction used to compute alternative
L
depreciation system.
.
.
.
.
.
.
Current year increase (decrease)
Withdrawals & distributions
Ending capital account
the gain or loss on the sale of these assets. Generally, any adjustments to these gain or
loss calculations for alternative minimum tax purposes are found on Box 17, Code B.
Tax basis
.
.
$
.
$
.
.
$ (
.
.
$
GAAP
)
Section 704(b) book
Other (explain)
Use the information in Box 17 (as well as your adjustments and tax preference items
from other sources) to prepare your Form 6251, Alternative Minimum Tax – Individuals:
Form 4626, Alternative Minimum Tax – Corporations; or Schedule I of Form 1041 U.S.
Income Tax Return for Estates and Trusts.
M
Self-employment earnings (loss)
*See attached statement for additional information.
Capital contributed during the year
and alternative minimum tax depreciation) will result in a corresponding adjustment to
14
Partner’s capital account analysis:
Beginning capital account
In most cases, these depreciation differences (i.e. between regular tax depreciation
instructions for reporting your partnership information. A return may be required by
Profit
For IRS Use Only
K
Box 17, Code A shows
within a state/city where a state/city income tax is in effect, you should obtain detailed
each state/city in which you are determined to have a taxable presence, regardless of
Ending
reported on Form 4797.
minimum taxable income is generally the amount calculated by using the alternative
gross income and your share of deductions directly connected with the Unrelated
Business Taxable Income.
State/City Tax Reporting —
G
the passive activity loss rules. Report interest income on line 8a of Form 1040.
Box 10- Net section 1231 gain (loss): The amount on Box 10 is your
income or loss on Federal Form 990-T, “Exempt Organization Business Income Tax
business income. This amount should be reported on Form 990-T, Line 5 with a
passive activity income or loss.)
Box 5 - Interest Income: This is your share of the Partnership’s
(UBTI). If you are a tax exempt entity and are required to file a return, you will report this
Return.” Your share of Partnership income or loss is treated as unrelated trade or
(Note: The passive activity loss limitation rules are complex. You should consult your
Box 17 – Alternative Minimum Tax (AMT) items:
(Note: You should consult your tax advisor for further guidance regarding
the determination of your adjusted tax basis in your partnership
Partnership’s employer identification number
Box 3 - Other net rental income (loss): This amount is your share of the
Partnership’s passive activity small net income (loss) from rental activities other
OMB No. 1545-0099
, 2010
ending
for further information.
Amended K-1
Did the partner contribute property with a built-in gain or loss?
Yes
No
If "Yes", attach statement (see instructions)
For Paperwork Reduction Act Notice, see Instructions for Form 1065.
Cat. No. 11394R
Schedule K-1 (Form 1065) 2010