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K-1 (1065) Publicly Traded Partnership Loss

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#1 mwpope



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Posted 14 April 2011 - 11:05 PM

I prepare only one 1041 for a client who normally only has 1099-Int and 1099-Div income. In 2010 he invested in a PTP as a domestic / limited partner.

Box 1 Ordinary Business Loss =(119)
Box 5 Interest = 5
Box 6a Ordinary Dividends = 4
Box 11 C Other Income (loss) = (3,829) - this flows to 6781 and on to Sch D.
Box 11 F* Other Income (loss) = (4,910) - ??? I don't know where this is to go.

* Partner instructions attached = "Under Temporary Treasury Regulations section 1.469-1T(e)(6), non of teh distributive share items reported to you on the K-1 are considered to be derived from a passive activity. Other Income, Box 11 Code F - Net Ordinary Income (loss) from Swaps.

He has a beginning capital balance of 27,751 and an ending 18,902 as a result of the overall 2010 loss of (8,849) identified above.

Any guidance in how this loss should be treated would be greatly appreciated.

#2 JRS


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Posted 15 April 2011 - 09:43 AM

Two things, one of which you have already probably done. Read the instructions and explanations for 11F in the Partner's instructions for the K-1. Secondly, try this website to see if the Partnership's tax package is there. If it is, there "should be" a guide to what goes where and how to handle it. I sorry I can't be more help.


#3 mwpope



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Posted 15 April 2011 - 01:20 PM

Perfect, thank you. I went there, found a link to this particular partnership, and learned what I needed to know. You're right, I did read the instructions and most were posted in my previous comment by the "*" but even though I read them I didn't comprehend them. The website you gave me had a powerful tool that would export the clients specific K-1 info into to each applicable IRS form. I now see it goes on E pt II Line 28 column H. Now I can work on understanding why it goes there. Thanks again, I spent two hours last night reading but getting nowhere. Your web link post really helped.


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