8611 Recapture of Low-Income Housing Credit

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I.R.S. SPECIFICATIONS
TO BE REMOVED BEFORE PRINTING
INSTRUCTIONS TO PRINTERS
Schedule K-1 (FORM 8865), PAGE 1 OF 2
MARGINS; TOP 13mm (1⁄ 2 "), CENTER SIDES.
PRINTS: HEAD TO HEAD
PAPER: WHITE WRITING, SUB. 20. INK: BLACK
FLAT SIZE: 216mm (8 1/2") x 279mm (11")
PERFORATE: None
DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT

Final K-1

2006

Schedule K-1
(Form 8865)

Part III

For calendar year 2006, or tax
year beginning

Department of the Treasury
Internal Revenue Service

, 20

Information About the Partnership

1

Ordinary business income (loss)

2

Net rental real estate income (loss)

3

Other net rental income (loss)

4

Guaranteed payments

B

Partnership’s name, address, city, state, and ZIP code

5

Interest income

6a

Ordinary dividends

6b

Qualified dividends

D

Partner’s name, address, city, state, and ZIP code

Partner’s share of profit, loss, capital, and deductions:
Beginning
Profit
Loss
Capital
Deductions

F

OMB No. 1545-1668

15

Credits

16

Foreign transactions

f
o
s
a
6
t
0
f
0
a
2
r
/
D /21
6
0

Information About the Partner

Partner’s identifying number

E

Revised proofs
requested

Partner’s Share of Current Year Income,
Deductions, Credits, and Other Items

Partnership’s employer identification number

C

Signature

O.K. to print

Amended K-1

A

Part II

Date

, 2006

ending

Partner’s Share of Income, Deductions,
Credits, etc. © See back of form and separate instructions.
Part I

Action

7

Royalties

8

Net short-term capital gain (loss)

9a

Net long-term capital gain (loss)

9b

Collectibles (28%) gain (loss)

9c

Unrecaptured section 1250 gain

10

Net section 1231 gain (loss)

11

Other income (loss)

17

Alternative minimum tax
(AMT) items

18

Tax-exempt income and
nondeductible expenses

19

Distributions

20

Other information

Ending

%

%

%

%

%

%

%

%

Partner’s capital account analysis:
Beginning capital account

$

Capital contributed during the year

$

Current year increase (decrease)

$

Withdrawals & distributions

$

Ending capital account

$

Tax basis

GAAP

(

Section 704(b) book

)
12

Section 179 deduction

13

Other deductions

For IRS Use Only

Other (explain)

14

Self-employment earnings (loss)

*See attached statement for additional information.
For Privacy Act and Paperwork Reduction Act Notice, see Instructions for Form 8865.

Cat. No. 28396B

Schedule K-1 (Form 8865) 2006

4
I.R.S. SPECIFICATIONS
TO BE REMOVED BEFORE PRINTING
INSTRUCTIONS TO PRINTERS
SCHEDULE K-1 (FORM 8865), PAGE 2 OF 2
MARGINS; TOP 1⁄ 2 ”, CENTER SIDES. PRINTS: HEAD TO HEAD
PAPER: WHITE WRITING, SUB. 20.
INK: BLACK
FLAT SIZE: 81⁄ 2 ” x 11”
PERFORATE: NONE
DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT

Schedule K-1 (Form 8865) 2006

Page

This list identifies the codes used on Schedule K-1 for partners and provides summarized reporting information for partners who
file Form 1040. For detailed reporting and filing information, see the Partner’s Instructions for Schedule K-1 (Form 1065) and the
instructions for your income tax return.

f
o
s
% 6
a
t
0
f
0
a
%
2
r
/
D /21 %
6
0
%

1. Ordinary business income (loss). You must first determine whether the
income (loss) is passive or nonpassive. Then enter on your return as
follows:
Report on
Passive loss
See Partner’s Instr. (Form 1065)
Passive income
Schedule E, line 28, column (g)
Nonpassive loss
Schedule E, line 28, column (h)
Nonpassive income
Schedule E, line 28, column (j)
2. Net rental real estate income (loss) See Partner’s Instr. (Form 1065)
3. Other net rental income (loss)
Net income
Schedule E, line 28, column (g)
Net loss
See Partner’s Instr. (Form 1065)
4. Guaranteed payments
Schedule E, line 28, column (j)
5. Interest income
Form 1040, line 8a
6a. Ordinary dividends
Form 1040, line 9a
6b. Qualified dividends
Form 1040, line 9b
7. Royalties
Schedule E, line 4
8. Net short-term capital gain (loss)
Schedule D, line 5, column (f)
9a. Net long-term capital gain (loss)
Schedule D, line 12, column (f)
9b. Collectibles (28%) gain (loss)
28% Rate Gain Worksheet, line 4
(Schedule D Instructions)
See Partner’s Instr. (Form 1065)
9c. Unrecaptured section 1250 gain
10. Net section 1231 gain (loss)
See Partner’s Instr. (Form 1065)
11. Other income (loss)
Code
A Other portfolio income (loss)
B Involuntary conversions
C Sec. 1256 contracts & straddles
D Mining exploration costs recapture
E Cancellation of debt
F Other income (loss)
12. Section 179 deduction
13. Other deductions
A Cash contributions (50%)
B Cash contributions (30%)
C Noncash contributions (50%)
D Noncash contributions (30%)
E Capital gain property to a 50%
organization (30%)
F Capital gain property (20%)
G Investment interest expense
H Deductions—royalty income
I Section 59(e)(2) expenditures
J Deductions—portfolio (2% floor)
K Deductions—portfolio (other)
L Amounts paid for medical insurance

%

M
N
O
P
Q
R
S
T
U
V

Educational assistance benefits
Dependent care benefits
Preproductive period expenses
Commercial revitalization deduction
from rental real estate activities
Pensions and IRAs
Reforestation expense deduction
Domestic production activities
information
Qualified production activities income
Employer’s W-2 wages
Other deductions

17.

See Form 8582 Instructions
See Partner’s Instr. (Form 1065)
See Partner’s Instr. (Form 1065)
See Form 8903 instructions
Form 8903, line 7
Form 8903, line 13
See Partner’s Instr. (Form 1065)

Schedule SE, Section A or B
See Partner’s Instr. (Form 1065)
See Partner’s Instr. (Form 1065)

%

16.

See Partner’s Instr. (Form 1065)

14. Self-employment earnings (loss)
Note: If you have a section 179 deduction or any partner-level deductions, see
the Partner’s Instr. (Form 1065) before completing Schedule SE.
A Net earnings (loss) from
self-employment
B Gross farming or fishing income
C Gross non-farm income
15. Credits
A Low-income housing credit
(section 42(j)(5))
B Low-income housing credit (other)
C Qualified rehabilitation expenditures
(rental real estate)
D Other rental real estate credits
E Other rental credits
F Undistributed capital gains credit
G Credit for alcohol used as fuel

%

See Partner’s Instr. (Form 1065)
See Partner’s Instr. (Form 1065)
Form 6781, line 1
See Pub. 535
Form 1040, line 21 or Form 982
See Partner’s Instr. (Form 1065)
See Partner’s Instr. (Form 1065)

Form 4952, line 1
Schedule E, line 18
See Partner’s Instr. (Form 1065)
Schedule A, line 22
Schedule A, line 27
Schedule A, line 1 or Form 1040,
line 29
See Partner’s Instr. (Form 1065)
Form 2441, line 12
See Partner’s Instr. (Form 1065)

See Partner’s Instr. (Form 1065)

Form 1040, line 70; check box a
See Partner’s Instr. (Form 1065)

Code
Report on
H Work opportunity credit
See Partner’s Instr. (Form 1065)
I Welfare-to-work credit
J Disabled access credit
K Empowerment zone and renewal
community employment credit
Form 8844, line 3
L Credit for increasing research
activities
M New markets credit
See Partner’s Instr. (Form 1065)
N Credit for employer social security
and Medicare taxes
Form 1040, line 64
O Backup withholding
See Partner’s Instr. (Form 1065)
P Other credits
Foreign transactions
A Name of country or U.S.
possession
B Gross income from all sources
Form 1116, Part I
C Gross income sourced at partner
level
Foreign gross income sourced at partnership level
D Passive
Form 1116, Part I
E Listed categories
F General limitation
Deductions allocated and apportioned at partner level
G Interest expense
Form 1116, Part I
H Other
Form 1116, Part I
Deductions allocated and apportioned at partnership level
to foreign source income
I Passive
Form 1116, Part I
J Listed categories
K General limitation
Other information
L Total foreign taxes paid
Form 1116, Part II
M Total foreign taxes accrued
Form 1116, Part II
N Reduction in taxes available for
credit
Form 1116, line 12
O Foreign trading gross receipts
Form 8873
P Extraterritorial income exclusion
Form 8873
See Partner’s Instr. (Form 1065)
Q Other foreign transactions
Alternative minimum tax (AMT) items
A Post-1986 depreciation adjustment
B Adjusted gain or loss
See Partner’s Instr.
C Depletion (other than oil & gas)
(Form 1065) and the
D Oil, gas, & geothermal—gross income
Instructions for
E Oil, gas, & geothermal—deductions
Form 6251
F Other AMT items
Tax-exempt income and nondeductible expenses
A Tax-exempt interest income
Form 1040, line 8b
B Other tax-exempt income
See Partner’s Instr. (Form 1065)
C Nondeductible expenses
See Partner’s Instr. (Form 1065)
Distributions
A Cash and marketable securities
See Partner’s Instr. (Form 1065)
B Other property
See Partner’s Instr. (Form1065)
Other information
A Investment income
Form 4952, line 4a
B Investment expenses
Form 4952, line 5
C Fuel tax credit information
Form 4136
D Qualified rehabilitation expenditures
(other than rental real estate)
See Partner’s Instr. (Form 1065)
E Basis of energy property
See Partner’s Instr. (Form 1065)
F Recapture of low-income housing
credit (section 42(j)(5))
Form 8611, line 8
G Recapture of low-income housing
credit (other)
Form 8611, line 8
See Form 4255
H Recapture of investment credit
I Recapture of other credits
See Partner’s Instr. (Form 1065)
J Look-back interest—completed
Form 8697
long-term contracts
K Look-back interest—income forecast
Form 8866
method
L Dispositions of property with
section 179 deductions
M Recapture of section 179 deduction
N Special basis adjustments
O Section 453(l)(3) information
P Section 453A(c) information
Q Section 1260(b) information
See Partner’s Instr.
R Interest allocable to production
(Form 1065)
expenditures
S CCF nonqualified withdrawals
T Information needed to figure
depletion—oil and gas
U Amortization of reforestation costs
V Unrelated business taxable income
W Other information

18.

19.

20.

%

%

2