U.S. Return of Partnership Income

Transcription

1 U.. Return of Partnership ncome Form 1065 For calendar year 2016, or tax year beginning, 2016, Department of the Treasury nternal Revenue ervice Principal business activity ending, 20 nformation about Form 1065 and its separate instructions is at M No D mployer identification no. C Principal product or service usiness code number Type or Print F Date business started Total assets (see the instrs) Check applicable boxes: (1) nitial return (2) Final return (3) Name change (4) ddress change (5) mended return (6) Technical termination ' also check (1) or (2) H Check accounting method: (1) Cash (2) ccrual (3) ther (specify) Number of chedules K-1. ttach one for each person who was a partner at any time during the tax year J Check if chedules C and M-3 are attached Caution. nclude only trade or business income and expenses on lines 1a through 22 below. ee the instructions for more information. D N 1 a ross receipts or sales a b Returns and allowances c alance. ubtract line 1b from line 1a c 2 Cost of goods sold (attach Form 1125-) ross profit. ubtract line 2 from line 1c C 4 rdinary income (loss) from other partnerships, estates, and trusts M (attach statement) Net farm profit (loss) (attach chedule F (Form 1040)) Net gain (loss) from Form 4797, Part, line 17 (attach Form 4797) N T R ther income (loss) 7 (attach statement) Total income (loss). Combine lines 3 through alaries and wages (other than to partners) (less employment credits) uaranteed payments to partners Repairs and maintenance ad debts Rent Taxes and licenses D U 15 nterest C F T 16a Depreciation (if required, attach Form 4562) a R b Less depreciation reported on Form and elsewhere on return b 16c N L 17 Depletion (Do not deduct oil and gas depletion.) M 18 Retirement plans, etc T 19 mployee benefit programs T 20 ther deductions (attach statement) N ign Here Paid Preparer Use nly 21 Total deductions. dd the amounts shown in the far right column for lines 9 through rdinary business income (loss). ubtract line 21 from line Under penalties of perjury, declare that have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than general partner or limited liability company member manager) is based on all information of which preparer has any knowledge. ignature of general partner or limited liability company member manager Print/Type preparer's name Preparer's signature Date Check if PTN Firm's name Firm's address For Paperwork Reduction ct Notice, see separate instructions. 1 b Date self-employed Firm's N Phone no. $ May the R discuss this return with the preparer shown below (see instrs)? Yes No PTP0105L 01/06/17 Form 1065 (2016)

2 Form 1065 (2016) Page 2 chedule ther nformation 1 What type of entity is filing this return? Check the applicable box: Yes No a Domestic general partnership b Domestic limited partnership c Domestic limited liability company d Domestic limited liability partnership e Foreign partnership f ther t any time during the tax year, was any partner in the partnership a disregarded entity, a partnership (including an entity 2 treated as a partnership), a trust, an corporation, an estate (other than an estate of a deceased partner), or a nominee or similar person? t the end of the tax year: 3 Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt a organization, or any foreign government own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive ownership, see instructions. f 'Yes,' attach chedule -1, nformation on Partners wning 50% or More of the Partnership Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the b partnership? For rules of constructive ownership, see instructions. f 'Yes,' attach chedule -1, nformation on Partners wning 50% or More of the Partnership t the end of the tax year, did the partnership: 4 wn directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled a to vote of any foreign or domestic corporation? For rules of constructive ownership, see instructions. f 'Yes,' complete (i) through (iv) below (i) Name of Corporation (ii) mployer (iii) Country of (iv) Percentage dentification Number (if any) ncorporation wned in Voting tock wn directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital b in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership, see instructions. f 'Yes,' complete (i) through (v) below (i) Name of ntity (ii) mployer (iii) Type of (iv) Country of (v) Maximum dentification ntity rganization Percentage Number (if any) wned in Profit, Loss, or Capital Yes No Did the partnership file Form 8893, lection of Partnership Level Tax Treatment, or an election statement under section (a)(1)()(ii) for partnership-level tax treatment, that is in effect for this tax year? ee Form 8893 for more details Does the partnership satisfy all four of the following conditions? a The partnership's total receipts for the tax year were less than $250,000. b The partnership's total assets at the end of the tax year were less than $1 million. c chedules K-1 are filed with the return and furnished to the partners on or before the due date (including extensions) for the partnership return. d The partnership is not filing and is not required to file chedule M f 'Yes,' the partnership is not required to complete chedules L, M-1, and M-2; tem F on page 1 of Form 1065; or tem L on chedule K-1. 7 s this partnership a publicly traded partnership as defined in section 469(k)(2)? During the tax year, did the partnership have any debt that was cancelled, was forgiven, or had the terms modified so as to reduce the principal amount of the debt? Has this partnership filed, or is it required to file, Form 8918, Material dvisor Disclosure tatement, to provide information on any reportable transaction? t any time during calendar year 2016, did the partnership have an interest in or a signature or other authority over a financial account in a foreign country (such as a bank account, securities account, or other financial account)? ee the instructions for exceptions and filing requirements for FinCN Form 114, Report of Foreign ank and Financial ccounts (FR). f 'Yes,' enter the name of the foreign country. PTP0112L 01/06/17 Form 1065 (2016)

3 Form 1065 (2016) Page 3 chedule ther nformation (continued) t any time during the tax year, did the partnership receive a distribution from, or was it the grantor of, or transferor to, a 11 foreign trust? f 'Yes,' the partnership may have to file Form 3520, nnual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign ifts. ee instructions a s the partnership making, or had it previously made (and not revoked), a section 754 election? ee instructions for details regarding a section 754 election. b Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(b)? f 'Yes,' attach a statement showing the computation and allocation of the basis adjustment. ee instructions Yes No c s the partnership required to adjust the basis of partnership assets under section 743(b) or 734(b) because of a substantial built-in loss (as defined under section 743(d)) or substantial basis reduction (as defined under section 734(d))? f 'Yes,' attach a statement showing the computation and allocation of the basis adjustment. ee instructions Check this box if, during the current or prior tax year, the partnership distributed any property received in a like-kind 13 exchange or contributed such property to another entity (other than disregarded entities wholly owned by the partnership throughout the tax year) t any time during the tax year, did the partnership distribute to any partner a tenancy-in-common or other undivided interest 14 in partnership property? f the partnership is required to file Form 8858, nformation Return of U.. Persons With Respect To Foreign Disregarded 15 ntities, enter the number of Forms 8858 attached. ee instructions Does the partnership have any foreign partners? f 'Yes,' enter the number of Forms 8805, Foreign Partner's nformation 16 tatement of ection 1446 Withholding Tax, filed for this partnership. 17 nter the number of Forms 8865, Return of U.. Persons With Respect to Certain Foreign Partnerships, attached to this return. 18 a Did you make any payments in 2016 that would require you to file Form(s) 1099? ee instructions b f 'Yes,' did you or will you file required Form(s) 1099? nter the number of Form(s) 5471, nformation Return of U.. Persons With Respect To Certain Foreign Corporations, attached to this return. 20 nter the number of partners that are foreign governments under section During the partnership's tax year, did the partnership make any payments that would require it to file Form 1042 and under chapter 3 (sections 1441 through 1464) or chapter 4 (sections 1471 through 1474)? Was the partnership a specified domestic entity required to file Form 8938 for the tax year (ee the nstructions for Form 8938)? Designation of Tax Matters Partner (see instructions) nter below the general partner or member-manager designated as the tax matters partner (TMP) for the tax year of this return: Name of dentifying designated TMP number of TMP f the TMP is an entity, name of Phone number TMP representative of TMP ddress of designated TMP PTP0112L 01/06/17 Form 1065 (2016)

4 Form 1065 (2016) Page 4 chedule K Partners' Distributive hare tems Total amount 1 rdinary business income (loss) (page 1, line 22) Net rental real estate income (loss) (attach Form 8825) a ther gross rental income (loss) a b xpenses from other rental activities (attach stmt) b c ther net rental income (loss). ubtract line 3b from line 3a c 4 uaranteed payments nterest income ncome 6 Dividends: a rdinary dividends a (Loss) b Qualified dividends b 7 Royalties Net short-term capital gain (loss) (attach chedule D (Form 1065)) a Net long-term capital gain (loss) (attach chedule D (Form 1065)) a b Collectibles (28%) gain (loss) b c Unrecaptured section 1250 gain (attach statement) Net section 1231 gain (loss) (attach Form 4797) ther income (loss) (see instructions) Type ection 179 deduction (attach Form 4562) a Contributions a b nvestment interest expense b c ection 59(e)(2) expenditures: (1) Type (2) mount 13c (2) d ther deductions (see instructions) Type Credits 15 a Low-income housing credit (section 42(j)(5)) a b Low-income housing credit (other) b c Qualified rehabilitation expenditures (rental real estate) (attach Form 3468, if applicable) c d ther rental real estate credits (see instructions) Type 15d e ther rental credits (see instructions) Type 15e f ther credits (see instructions) Type 15f 16 a Name of country or U.. possession... b ross income from all sources b c ross income sourced at partner level c Foreign gross income sourced at partnership level Deductions elf- 14 a Net earnings (loss) from self-employment a mploy- b ross farming or fishing income b ment c ross nonfarm income c d Passive category e eneral category f ther 16 f Foreign Transactions g nterest expense h ther Deductions allocated and apportioned at partner level 16h Deductions allocated and apportioned at partnership level to foreign source income i Passive category j eneral category k ther 16 k l Total foreign taxes (check one): Paid ccrued 16l m Reduction in taxes available for credit (attach statement) m n ther foreign tax information (attach statement) a Post-1986 depreciation adjustment a b djusted gain or loss b lternative c Depletion (other than oil and gas) c Minimum Tax (MT) d il, gas, and geothermal properties ' gross income d tems e il, gas, and geothermal properties ' deductions e f ther MT items (attach stmt) f 18 a Tax-exempt interest income a b ther tax-exempt income b ther nformation c Nondeductible expenses c 19 a Distributions of cash and marketable securities a b Distributions of other property b 20 a nvestment income a b nvestment expenses b c ther items and amounts (attach stmt) Form 1065 (2016) 9c 13d PTP0134L 08/25/16

5 Form 1065 (2016) Page 5 nalysis of Net ncome (Loss) 1 Net income (loss). Combine chedule K, lines 1 through 11. From the result, subtract the sum of chedule K, lines 12 through 13d, and 16l nalysis by (i) Corporate partner type: (ii) ndividual (active) (iii) ndividual (passive) (iv) Partnership (v) xempt rganization (vi) Nominee/ther a eneral partners.... b Limited partners.... chedule L alance heets per ooks eginning of tax year nd of tax year ssets (a) (b) (c) (d) 1 Cash a Trade notes and accounts receivable b Less allowance for bad debts nventories U.. government obligations Tax-exempt securities ther current assets (attach stmt) a Loans to partners (or persons related to partners) b Mortgage and real estate loans ther investments (attach stmt) a uildings and other depreciable assets b Less accumulated depreciation a Depletable assets b Less accumulated depletion Land (net of any amortization) a ntangible assets (amortizable only) b Less accumulated amortization ther assets (attach stmt) Total assets Liabilities and Capital 15 ccounts payable Mortgages, notes, bonds payable in less than 1 year ther current liabilities (attach stmt) ll nonrecourse loans a Loans from partners (or persons related to partners).... b Mortgages, notes, bonds payable in 1 year or more ther liabilities (attach stmt) Partners' capital accounts Total liabilities and capital chedule M-1 Reconciliation of ncome (Loss) per ooks With ncome (Loss) per Return Note. The partnership may be required to file chedule M-3 (see instructions). 1 Net income (loss) per books ncome recorded on books this year not 2 ncome included on chedule K, lines 1, included on chedule K, lines 1 through 2, 3c, 5, 6a, 7, 8, 9a, 10, and 11, not 11 (itemize): recorded on books this year (itemize): a Tax-exempt interest... $ 7 Deductions included on chedule K, lines 1 through 3 uaranteed pmts (other than health insurance) d, and 16l, not charged against book income this 4 xpenses recorded on books this year not included year (itemize): a Depreciation..... (itemize): $ a Depreciation $ b Travel and entertainment $ 8 dd lines 6 and ncome (loss) (nalysis of Net ncome (Loss), line 1). 5 dd lines 1 through ubtract line 8 from line chedule M-2 nalysis of Partners' Capital ccounts 1 alance at beginning of year Distributions: a Cash Capital contributed: a Cash b Property b Property ther decreases (itemize): 3 Net income (loss) per books ther increases (itemize): 8 dd lines 6 and dd lines 1 through alance at end of year. ubtract line 8 from line PTP0134L 08/25/16 Form 1065 (2016)

6 chedule K-1 (Form 1065) Department of the Treasury nternal Revenue ervice 2016 Final K-1 mended K-1 Part Partner's hare of Current Year ncome, For calendar year 2016, or tax Deductions, Credits, and ther tems year beginning, rdinary business income (loss) 15 Credits ending, Partner's hare of ncome, Deductions, Credits, etc. Part ee separate instructions. nformation bout the Partnership Partnership's employer identification number Partnership's name, address, city, state, and ZP code 2 Net rental real estate income (loss) 3 ther net rental income (loss) a uaranteed payments nterest income rdinary dividends Foreign transactions M No b Qualified dividends C R Center where partnership filed return 7 Royalties D Check if this is a publicly traded partnership (PTP) 8 Net short-term capital gain (loss) Part nformation bout the Partner 9 a Net long-term capital gain (loss) 17 lternative minimum tax (MT) items Partner's identifying number 9 b Collectibles (28%) gain (loss) F Partner's name, address, city, state, and ZP code 9 c Unrecaptured section 1250 gain 10 Net section 1231 gain (loss) 18 Tax-exempt income and nondeductible expenses H eneral partner or LLC member-manager Domestic partner Limited partner or other LLC member Foreign partner 11 ther income (loss) 1 2 What type of entity is this partner? f this partner is a retirement plan (R/P/Keogh/etc.), check here ection 179 deduction 19 Distributions J Partner's share of profit, loss, and capital (see instructions): eginning nding Profit % % Loss % % Capital % % 13 ther deductions 20 ther information K Partner's share of liabilities at year end: Nonrecourse $ Qualified nonrecourse financing $ Recourse $ 14 elf-employment earnings (loss) L Partner's capital account analysis: eginning capital account $ Capital contributed during the year..... $ Current year increase (decrease) $ Withdrawals & distributions $ nding capital account $ *ee attached statement for additional information. F R R M Tax basis P ection 704(b) book U ther (explain) Did the partner contribute property with a built-in gain or loss? N Yes No L Y f 'Yes', attach statement (see instructions) For Paperwork Reduction ct Notice, see nstructions for Form chedule K-1 (Form 1065) 2016 PTP0312L 08/26/16

7 chedule K-1 (Form 1065) 2016 Page 2 This list identifies the codes used on chedule K-1 for all partners and provides summarized reporting information for partners who file Form For detailed reporting and filing information, see the separate Partner's nstructions for chedule K-1 and the instructions for your income tax return. 1 rdinary business income (loss). Determine whether the income (loss) is passive Code Report on or nonpassive and enter on your return as follows. Report on L mpowerment zone employment credit Passive loss Credit for increasing research activities Passive income chedule, line 28, column (g) N Credit for employer social security and Nonpassive loss chedule, line 28, column (h) Medicare taxes Nonpassive income chedule, line 28, column (j) ackup withholding Net rental real estate income (loss) P ther credits ther net rental income (loss) Foreign transactions Net income chedule, line 28, column (g) Name of country or U.. possession M ee the Partner's nstructions Net loss ross income from all sources Form 1116, Part 4 uaranteed payments chedule, line 28, column (j) C ross income sourced at partner level 5 nterest income Form 1040, line 8a Foreign gross income sourced at partnership level 6 a rdinary dividends Form 1040, line 9a D Passive category 6 b Qualified dividends Form 1040, line 9b eneral category Form 1116, Part 7 Royalties chedule, line 4 F ther 8 Net short-term capital gain (loss) chedule D, line 5 Deductions allocated and apportioned at partner level 9 a Net long-term capital gain (loss) chedule D, line 12 nterest expense Form 1116, Part 9 b Collectibles (28%) gain (loss) 28% Rate ain Worksheet, line H ther Form 1116, Part 4 (chedule D nstructions) 9 c Deductions allocated and apportioned at partnership level to Unrecaptured section 1250 gain foreign source income 10 Net section 1231 gain (loss) Passive category 11 ther income (loss) J eneral category Form 1116, Part Code K ther ther portfolio income (loss) ther information nvoluntary conversions L Total foreign taxes paid Form 1116, Part C ec contracts & straddles Form 6781, line 1 M Total foreign taxes accrued Form 1116, Part D Mining exploration costs recapture ee Pub. 535 N Reduction in taxes available for credit Form 1116, line 12 Cancellation of debt Form 1040, line 21 or Form 982 Foreign trading gross receipts Form 8873 F ther income (loss) P xtraterritorial income exclusion Form Q ther deductions 17 lternative minimum tax (MT) items (50%) Cash contributions Post-1986 depreciation adjustment Cash contributions (30%) djusted gain or loss C Noncash contributions (50%) ee the Partner's ee the Partner's C Depletion (other than oil & gas) nstructions and D Noncash contributions (30%) nstructions D il, gas, & geothermal ' gross income the nstructions for Capital gain property to a 50% il, gas, & geothermal ' deductions Form 6251 organization (30%) F ther MT items F Capital gain property (20%) 18 Tax-exempt income and nondeductible expenses Contributions (100%) Tax-exempt interest income Form 1040, line 8b nvestment interest expense Form 4952, line 1 Deductions ' royalty income chedule, line 19 C J ection 59(e)(2) expenditures 19 Distributions K Deductions ' portfolio (2% floor) chedule, line 23 Cash and marketable securities L Deductions ' portfolio (other) chedule, line 28 Distribution subject to section 737 ee the Partner's M mounts paid for medical insurance chedule, line 1 or Form 1040, line 29 nstructions C ther property N ducational assistance benefits 20 ther information Dependent care benefits Form 2441, line 12 nvestment income Form 4952, line 4a P Preproductive period expenses nvestment expenses Form 4952, line 5 Q Commercial revitalization deduction from ee Form 8582 nstructions C Fuel tax credit information Form 4136 rental real estate activities D Qualified rehabilitation expenditures (other R Pensions and Rs than rental real estate) Reforestation expense deduction T Domestic production activities information ee Form 8903 nstructions F Recapture of low-income housing credit U Qualified production activities income Form 8903, line 7b (section 42(j)(5)) Form 8611, line 8 V mployer's Form W-2 wages Form 8903, line 17 Recapture of low-income housing credit (other) Form 8611, line 8 W ther deductions H Recapture of investment credit ee Form elf-employment earnings (loss) Recapture of other credits J Look-back interest ' completed 12 ection 179 deduction ther foreign transactions H ther tax-exempt income Nondeductible expenses asis of energy property C Note. f you have a section 179 deduction or any partner-level deductions, see the long-term contracts Partner's nstructions before completing chedule. ee Form 8697 K Look-back interest ' income Net earnings (loss) from self-employment chedule, ection or forecast method ee Form 8866 ross farming or fishing income L Dispositions of property with section 179 deductions 15 ross non-farm income Credits M Recapture of section 179 deduction Low-income housing credit (section 42(j)(5)) N nterest expense for corporate partners from pre-2008 buildings ection 453(l)(3) information Low-income housing credit (other) from pre-2008 buildings P ection 453(c) information C Low-income housing credit (section 42(j)(5)) Q ection 1260(b) information from post-2007 buildings R nterest allocable to production expenditures D Low-income housing credit (other) from CCF nonqualified withdrawals post-2007 buildings Qualified rehabilitation expenditures (rental T Depletion information ' oil and gas real estate) U Reserved F ther rental real estate credits V Unrelated business taxable income ther rental credits W Precontribution gain (loss) H Undistributed capital gains credit Form 1040, line 73; check box a X ection 108(i) information iofuel producer credit Y Net investment income J Work opportunity credit Z ther information Disabled access credit K ee the Partner's nstructions PTP0312L 08/26/16 chedule K-1(Form 1065) 2016