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Form Schedule K-1 (1065-B) for Tallahassee Florida: What You Should Know

IRS.gov/Form1065B. 3 Other income Schedule K-1 (Form 1065-B). IRS.gov/Form1065B. 4 Taxable income from passive activities Schedule K-1 (Form 1065-B). IRS.gov/Form1065B. 5 Partnership income adjusted for certain items Schedule K-1 (Form 1065-B). IRS.gov/Form1065B. Instructions to Prepare Schedule K-1 The partnership income adjustment amounts are: Line A Adjustments to the amount of partnership income to be deducted (line D). The partnership income includes interest, investment income, and passive activity income that is included in Schedule K-1. The partnership income from partnerships with which you had no active partnerships will be reported here. See instructions (Form 1065-C). To compute the partnership income adjustment amount, take the following steps: Divide line D by line A. Multiply line D by the percentage of the partnership income reported by line A. If the percentage of the partnership income that appears in line A is greater than the percentage that appears in line D, enter the difference in percent. Add line D to line A. Line B Adjustment for distribution losses. See the instructions (Form 1099-K) for adjustments to passive activity losses to see whether adjustments to income (line A) and income from passive activity (line B) should be included in line D. Include any adjustments to partnership income and passive activity income in Part II of Schedule K-1.   (Line C) Capital gain distributions. To figure the total amount of the capital gain distributions that can be transferred to you by the date you file Form 1099-K, calculate the amount of Schedule K-1 distribute amounts for partnership losses from passive activities and other income (lines C and E). (Line D) Part I Adjustment to Partnership Income Part II Apportionment Factor. Multiply line D by the adjustment factor in Part II. This adjustment factor is based on the percentage of partnership losses and passive activities' income that appear on Schedule K-1. Any amounts excluded from the apportionment factor are not included in the partnership income adjustments (in this case the partnership income adjustments). The percentage in brackets is the adjusted basis in the partnership property.

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