IRS Form 1065-B "U.S. Return of Income for Electing Large Partnerships"

What Is Form 1065-B?

IRS Form 1065-B, U.S. Return of Income for Electing Large Partnerships, is a document used to report to the Internal Revenue Service (IRS) the gains, losses, income, deductions, and other information from the electing large partnership's operation.

To comply with the IRS 1065-B Form filing requirements, you must file it with certain schedules. Schedule F (Profit or Loss from Farming) must be filed if the partnership is engaged in the business of farming. Schedule K-1 (Partner's Share of Income, Deductions, Credits, Etc.) is used to report each partner's separate share of the partnership's income, deductions, and credits.

The latest version of the form was released by the IRS in 2017 with all previous editions obsolete. A fillable 1065-B Form is available for download below.

IRS Form 1065, U.S. Return of Partnership Income, is the main form in the IRS 1065 Form series used by the IRS to receive information on income, credits, deductions, gains, losses, and other data connected to the operation of the partnership.

IRS Form 1065X, Amended Return or Administrative Adjustment Request (AAR), is a form used to correct information on Form 1065, Form 1065-B, or Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, that were already filed. If you wish, you can make an AAR to change the disclosure of the items regarding the partnership.

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What Is an Electing Large Partnership?

An electing large partnership (ELP) is any partnership that has 100 or more partners in the preceding taxable year and elected the application of this status, and as a result, an ELP chooses to file this form instead of IRS Form 1065. Only individuals that directly hold partnership interests, including persons that hold through nominees, can be counted as partners. Service partners (partners performing substantial services connected with the partnership's operation) are not eligible to be partners. Commodity partnerships (partnerships that have as their principal activity the buying and selling of commodities) are also not eligible to make the election. The election is applied to the tax year for which it is made and it cannot be revoked without IRS consent.

Form 1065-B Instructions

Official Step-by-step Form 1065-B instructions can be downloaded by clicking this link. Basic Form 1065-B instructions are as follows:

  1. You must file the form by the 15th day of the 3rd month after the date the tax year has ended;
  2. The late filing penalty is $200 for each month or part of the month the failure continues, multiplied by the number of partners;
  3. ELPs must file the form electronically unless they submit bankruptcy returns or returns with prefigured interest and penalty. Visit the IRS official website to find more information on electronic filing;
  4. If the partnership is located in the U.S., send the form to the Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201-0007. If it is located in a foreign country or in U.S. possession, send it to the Internal Revenue Service Center, PO Box 409101, Ogden, UT 84409;
  5. The form must be signed by the partner or the limited liability company member.

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Download IRS Form 1065-B "U.S. Return of Income for Electing Large Partnerships"

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1065-B
U.S. Return of Income for
OMB No. 1545-0123
Form
Electing Large Partnerships
2017
For calendar year 2017, or tax year beginning
, 2017, and ending
, 20
.
Department of the Treasury
Internal Revenue Service
Go to www.irs.gov/Form1065B for instructions and the latest information.
A Principal business activity
D Employer identification number
Name of partnership
B Principal product or service
TYPE
Number, street, and room or suite no. If a P.O. box, see instructions.
E Date business started
or
PRINT
C Business code no.
F Total assets (see instructions)
City or town, state or province, country, and ZIP or foreign postal code
(see instructions)
$
Final return
Name change
Address change
Amended return
G
Check applicable boxes:
(1)
(2)
(3)
(4)
H
(1)
Cash
(2)
Accrual
(3)
Other (specify)
Check accounting method:
Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year
I
J
Check if Schedule M-3 (Form 1065) is attached
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Part I
Taxable Income or Loss From Passive Loss Limitation Activities
Gross receipts or sales
b Less returns and allowances
1a
c Bal
1c
2
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Cost of goods sold (attach Form 1125-A) .
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Gross profit. Subtract line 2 from line 1c .
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Net rental real estate income (loss) (attach Form 8825) .
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Net income (loss) from other rental activities (attach statement)
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Ordinary income (loss) from other partnerships, estates, and trusts (attach statement)
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Net farm profit (loss) (attach Schedule F (Form 1040)) .
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Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 20)
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Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797)
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Other income (loss) (see instructions) (attach statement)
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Total income (loss). Combine lines 3 through 10
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Salaries and wages (other than to partners) (less employment credits)
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Guaranteed payments to partners .
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Repairs and maintenance
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Bad debts .
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Rent
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Taxes and licenses
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Interest
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19a
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Depreciation and section 179 expense deduction (see instructions) .
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Less: depreciation reported on Form 1125-A and elsewhere on return
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Depletion .
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Retirement plans, etc.
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Employee benefit programs
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Other deductions (attach statement) .
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Total deductions. Add the amounts shown in the far right column for lines 12 through 23
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Taxable income (loss) from passive loss limitation activities. Subtract line 24 from line 11
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26
26
Tax (see instructions). Check if from:
a
Form 4255
b
Form 8611
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27
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b
Other payments. Check if from:
Form 2439
Form 4136
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Amount owed. Enter the excess of line 26 over line 27 .
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Overpayment. Enter the excess of line 27 over line 26 .
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Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct,
Sign
and complete. Declaration of preparer (other than partner or limited liability company member) is based on all information of which preparer has any knowledge.
Here
May the IRS discuss this return
with the preparer shown below
(see instructions)?
Yes
No
Signature of partner or limited liability company member
Date
Print/Type preparer’s name
Preparer's signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1065-B
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2017)
Cat. No. 26265H
1065-B
U.S. Return of Income for
OMB No. 1545-0123
Form
Electing Large Partnerships
2017
For calendar year 2017, or tax year beginning
, 2017, and ending
, 20
.
Department of the Treasury
Internal Revenue Service
Go to www.irs.gov/Form1065B for instructions and the latest information.
A Principal business activity
D Employer identification number
Name of partnership
B Principal product or service
TYPE
Number, street, and room or suite no. If a P.O. box, see instructions.
E Date business started
or
PRINT
C Business code no.
F Total assets (see instructions)
City or town, state or province, country, and ZIP or foreign postal code
(see instructions)
$
Final return
Name change
Address change
Amended return
G
Check applicable boxes:
(1)
(2)
(3)
(4)
H
(1)
Cash
(2)
Accrual
(3)
Other (specify)
Check accounting method:
Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year
I
J
Check if Schedule M-3 (Form 1065) is attached
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Part I
Taxable Income or Loss From Passive Loss Limitation Activities
Gross receipts or sales
b Less returns and allowances
1a
c Bal
1c
2
2
Cost of goods sold (attach Form 1125-A) .
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Gross profit. Subtract line 2 from line 1c .
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Net rental real estate income (loss) (attach Form 8825) .
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4
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Net income (loss) from other rental activities (attach statement)
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5
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Ordinary income (loss) from other partnerships, estates, and trusts (attach statement)
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Net farm profit (loss) (attach Schedule F (Form 1040)) .
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Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 20)
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9
Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797)
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10
Other income (loss) (see instructions) (attach statement)
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10
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Total income (loss). Combine lines 3 through 10
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12
Salaries and wages (other than to partners) (less employment credits)
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13
Guaranteed payments to partners .
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Repairs and maintenance
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Bad debts .
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Rent
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Taxes and licenses
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Interest
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19a
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Depreciation and section 179 expense deduction (see instructions) .
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b
Less: depreciation reported on Form 1125-A and elsewhere on return
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19c
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Depletion .
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Retirement plans, etc.
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Employee benefit programs
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Other deductions (attach statement) .
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23
24
Total deductions. Add the amounts shown in the far right column for lines 12 through 23
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24
25
Taxable income (loss) from passive loss limitation activities. Subtract line 24 from line 11
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25
26
26
Tax (see instructions). Check if from:
a
Form 4255
b
Form 8611
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27
27
a
b
Other payments. Check if from:
Form 2439
Form 4136
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28
Amount owed. Enter the excess of line 26 over line 27 .
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Overpayment. Enter the excess of line 27 over line 26 .
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Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct,
Sign
and complete. Declaration of preparer (other than partner or limited liability company member) is based on all information of which preparer has any knowledge.
Here
May the IRS discuss this return
with the preparer shown below
(see instructions)?
Yes
No
Signature of partner or limited liability company member
Date
Print/Type preparer’s name
Preparer's signature
Date
PTIN
Paid
Check
if
self-employed
Preparer
Firm’s name
Firm’s EIN
Use Only
Firm’s address
Phone no.
1065-B
For Paperwork Reduction Act Notice, see separate instructions.
Form
(2017)
Cat. No. 26265H
2
Form 1065-B (2017)
Page
Part II
Taxable Income or Loss From Other Activities
1
1
Interest .
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2 a
Total ordinary dividends .
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2a
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Qualified dividends
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2b
c
2c
Nonqualified dividends (subtract line 2b from 2a)
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Gross royalties
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3
4
Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 23)
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5
5
Other income (loss) (see instructions) (attach statement)
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6
Total income (loss). Add lines 1, 2c, 3, 4, and 5 .
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Interest expense on investment debts (attach Form 4952) .
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State and local income taxes (see instructions)
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Charitable contributions (see instructions for limitations and required attachment) .
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10a
Total miscellaneous itemized deductions .
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10a
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Deductible amount. Multiply line 10a by 30% (0.30) .
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10b
11
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Other deductions (attach statement)
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Total deductions. Add lines 7, 8, 9, 10b, and 11
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Taxable income (loss) from other activities. Subtract line 12 from line 6
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Schedule B
Other Information (see instructions)
Yes
No
1
What type of entity is filing this return? Check the applicable box:
a
Domestic general partnership
b
Domestic limited partnership
c
Domestic limited liability company
d
Domestic limited liability partnership
e
f
Other
Foreign partnership
2
Are any partners in this partnership also partnerships? .
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3
During the partnership’s tax year, did the partnership own any interest in another partnership or in any foreign entity that was
disregarded as an entity separate from its owner under Regulations sections 301.7701-2 and 301.7701-3? If “Yes,” see
instructions for required attachment
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4
Does this partnership have any foreign partners? If “Yes,” the partnership may have to file Forms 8804, 8805, and 8813. (See
instructions.)
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Is this partnership a publicly traded partnership as defined in section 469(k)(2)?
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6
Has this partnership filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide information on
any reportable transaction? .
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7
At any time during calendar year 2017, 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)? See instructions for
exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
If “Yes,” enter the name of the foreign country.
8
During the tax year, did the partnership receive a distribution from, or was it the grantor to, or transferor to, a foreign trust? If
“Yes,” the partnership may have to file Form 3520
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9
Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to this
return.
10
During the partnership's tax year, did the partnership make any payments that would require it to file Forms 1042 and 1042-S
under chapter 3 (sections 1441 through 1464) or chapter 4 (sections 1471 through 1474)?
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1065-B
Form
(2017)
3
Form 1065-B (2017)
Page
Schedule D
Capital Gains and Losses (Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9, and 10.)
Part I—Short-Term Capital Gains and Losses—Assets Held One Year or Less
See instructions for how to figure the amounts to
(d)
(e)
(g) Adjustments to gain
(h) Gain or (loss).
Subtract column (e)
enter on the lines below.
Proceeds
Cost
or loss from Form(s)
from column (d) and
(sales price)
(or other basis)
8949, Part I, line 2,
This form may be easier to complete if you round off
combine the result with
column (g)
cents to whole dollars.
column (g)
1a
Totals for all short-term transactions reported
on Form 1099-B for which basis was reported
to the IRS and for which you have no
adjustments (see instructions). However, if you
choose to report all these transactions on Form
8949, leave this line blank and go to line 1b .
1b
Totals for all transactions reported on
Form(s) 8949 with Box A checked .
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2
Totals for all transactions reported on
Form(s) 8949 with Box B checked .
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3
Totals for all transactions reported on
Form(s) 8949 with Box C checked .
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4
4
Short-term capital gain from installment sales from Form 6252, line 26 or 37
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5
Short-term capital gain or (loss) from like-kind exchanges from Form 8824 .
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5
6
Partnership's share of net short-term capital gain (loss) from other partnerships, estates, and trusts .
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6
7
Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h)
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7
Part II—Long-Term Capital Gains and Losses—Assets Held More Than One Year
See instructions for how to figure the amounts to
(d)
(e)
(g) Adjustments to gain
(h) Gain or (loss).
Subtract column (e)
enter on the lines below.
Proceeds
Cost
or loss from Form(s)
from column (d) and
(sales price)
(or other basis)
8949, Part II, line 2,
This form may be easier to complete if you round off
combine the result with
column (g)
cents to whole dollars.
column (g)
8a
Totals for all long-term transactions reported
on Form 1099-B for which basis was reported
to the IRS and for which you have no
adjustments (see instructions). However, if you
choose to report all these transactions on Form
8949, leave this line blank and go to line 8b .
8b
Totals for all transactions reported on
Form(s) 8949 with Box D checked .
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9
Totals for all transactions reported on
Form(s) 8949 with Box E checked .
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10
Totals for all transactions reported on
Form(s) 8949 with Box F checked .
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11
11
Enter gain from Form 4797, Part I .
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12
Long-term capital gain from installment sales from Form 6252, line 26 or 37 .
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12
13
Long-term capital gain or (loss) from like-kind exchanges from Form 8824
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13
14
Partnership's share of net long-term capital gain (loss) from other partnerships, estates, and trusts .
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14
15
Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h) .
15
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Part III—Summary of Parts I and II
16
Combine lines 7 and 15 and enter the net gain (loss)
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16
17
17
Enter excess of net short-term capital gain (line 7) over net long-term capital loss (line 15)
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18
Net capital gain or (loss). Subtract line 17 from line 16
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18
Part IV—Net Capital Gain (Loss) From Passive Loss Limitation Activities
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19
Redetermine the amount on line 17 by taking into account only gains and losses from passive loss limitation activities
20
Excess of net short-term capital gain over net long-term capital loss. Enter the smaller of the amount on
line 17 or line 19. Enter here and on page 1, Part I, line 8
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20
21
21
Redetermine the amount on line 18 by taking into account only gains and losses from passive loss limitation activities
22
Net capital gain or (loss) from passive loss limitation activities. If lines 18 and 21 are both positive or both
negative, enter the smaller of line 18 or line 21. Otherwise, enter -0-. Enter here and on Schedule K, line 4a
22
Note: When figuring whether line 18 or line 21 is smaller, treat both numbers as positive.
Part V—Net Capital Gain (Loss) From Other Activities
23
Excess of net short-term capital gain over net long-term capital loss. Subtract line 20 from line 17. Enter
here and on page 2, Part II, line 4
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23
Net capital gain or (loss) from other activities. Subtract line 22 from line 18. Enter here and on Schedule K, line 4b
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24
1065-B
Form
(2017)
4
Form 1065-B (2017)
Page
Schedule K
Partners’ Shares of Income, Credits, Deductions, etc.
(a) Distributive share items
(b) Total amount
1a
Taxable income (loss) from passive loss limitation activities (Part I, line 25) .
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1a
b
Amount on line 1a allocated to general partners as:
(1) Taxable income (loss) from trade or business activities .
1b(1)
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(2) Taxable income (loss) from rental real estate activities .
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1b(2)
(3) Taxable income (loss) from other rental activities
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1b(3)
c
1c
Total amount on line 1a allocated to general partners. Combine lines 1b(1) through 1b(3) .
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d
Taxable income (loss) from passive loss limitation activities allocated to limited partners. Subtract line 1c from
line 1a (report on Schedules K-1, box 1)
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1d
2
Taxable income (loss) from other activities (Part II, line 13) .
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2
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3
Qualified dividends from other activities (Part II, line 2b) .
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4
a
Net capital gain (loss) from passive loss limitation activities (Schedule D, line 22)
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4a
b
Net capital gain (loss) from other activities (Schedule D, line 24)
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4b
5
5
Net passive alternative minimum tax adjustment .
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6
Net other alternative minimum tax adjustment
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6
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Guaranteed payments
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7
8
8
Income from discharge of indebtedness
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9
Tax-exempt interest income .
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9
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General credits (see instructions)
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10
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Low-income housing credit (see instructions) .
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11
12
Rehabilitation credit from rental real estate activities (attach Form 3468, if applicable) .
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12
13a
Net earnings (loss) from self-employment .
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13a
b
Gross nonfarm income
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13b
14a
Name of foreign country or U.S. possession
b
Gross income from all sources .
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14b
c
Gross income sourced at partner level (attach statement) .
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14c
d
Foreign gross income sourced at partnership level:
(1) Passive category .
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14d(1)
(2) General category .
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14d(2)
(3) Other (attach statement)
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14d(3)
e
Deductions allocated and apportioned at partner level:
(1) Interest expense .
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14e(1)
(2) Other
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14e(2)
f
Deductions allocated and apportioned at partnership level to foreign source income:
(1) Passive category .
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14f(1)
(2) General category .
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14f(2)
(3) Other (attach statement)
14f(3)
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14g
g
Paid
Accrued
Total foreign taxes (check one):
14h
h
Reduction in taxes available for credit (attach statement)
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15
Other items and amounts required to be reported separately to partners (attach statement)
Analysis of Net Income (Loss)
1
Net income (loss). In column (b), add lines 1c through 4b, 7, and 8. From the result, subtract line 14g
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1
(ii) Individual
(iii) Individual
(v) Exempt
2
Analysis by
(i) Corporate
(iv) Partnership
(vi) Nominee/Other
(active)
(passive)
organization
partner type:
a
General partners
Limited partners
b
1065-B
Form
(2017)
5
Form 1065-B (2017)
Page
Schedule L
Balance Sheets per Books
Beginning of tax year
End of tax year
(a)
(b)
(c)
(d)
Assets
1
Cash
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2a
Trade notes and accounts receivable .
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b
Less allowance for bad debts
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3
Inventories .
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4
U.S. government obligations
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5
Tax-exempt securities
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6
Other current assets (attach statement)
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7a
Loans to partners (or persons related to partners)
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b
Mortgage and real estate loans .
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8
Other investments (attach statement) .
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9a
Buildings and other depreciable assets
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b
Less accumulated depreciation .
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10a
Depletable assets .
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b
Less accumulated depletion .
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11
Land (net of any amortization)
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12a
Intangible assets (amortizable only)
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b
Less accumulated amortization .
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13
Other assets (attach statement) .
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14
Total assets
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Liabilities and Capital
15
Accounts payable .
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16
Mortgages, notes, bonds payable in less than 1 year .
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17
Other current liabilities (attach statement) .
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18
All nonrecourse loans
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19a
Loans from partners (or persons related to partners)
b
Mortgages, notes, bonds payable in 1 year or more .
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20
Other liabilities (attach statement) .
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21
Partners’ capital accounts
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22
Total liabilities and capital
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Reconciliation of Income (Loss) per Books With Income (Loss) per Return
Schedule M-1
Note: The partnership may be required to file Schedule M-3 (see instructions).
1
Net income (loss) per books .
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6
Income recorded on books this year not
included on Schedule K, lines 1c through 4b,
2
Income included on Schedule K, lines 1c
and 8 (itemize):
through 4b, and 8, not recorded on books this
Tax-exempt interest $
year (itemize):
a
3
Guaranteed payments
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4
7
Expenses recorded on books this year not
Deductions included on Schedule K, lines 1c
included on Schedule K, lines 1c through 4b,
through 4b, and 14g, not charged against book
and 14g (itemize):
income this year (itemize):
Depreciation $
Depreciation $
a
a
Travel and entertainment $
b
8
Add lines 6 and 7 .
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9
Income (loss). (Analysis of Net Income (Loss),
5
Add lines 1 through 4 .
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line 1.) Subtract line 8 from line 5 .
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Schedule M-2
Analysis of Partners’ Capital Accounts
1
Balance at beginning of year
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6
Distributions:
a
Cash .
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2
a
b
Capital contributed:
Cash .
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Property .
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b
Property .
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Other decreases (itemize):
3
Net income (loss) per books .
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7
Other increases (itemize):
4
8
Add lines 6 and 7 .
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9
Balance at end of year. Subtract line 8 from
5
Add lines 1 through 4 .
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line 5
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1065-B
Form
(2017)
Page of 5