2005 1065 K-1 Line 1
From TaxAlmanac
The amount reported for box 1 is your share of the ordinary income (loss) from the trade or business activities of the partnership. Generally, where you report this amount on Form 1040 depends on whether the amount is from an activity that is a passive activity to you. If you are an individual partner filing your 2005 Form 1040, find your situation below and report your box 1 income (loss) as instructed, after applying the basis and at-risk limitations on losses. If the partnership had more than one trade or business activity, it will attach a statement that will identify the amount of income or loss from each activity.
1. Report box 1 income (loss) from partnership trade or business activities in which you materially participated on Schedule E (Form 1040), line 28, column (h) or (j). 2. Report box 1 income (loss) from partnership trade or business activities in which you did not materially participate, as follows: a. If income is reported in box 1, report the income on Schedule E, line 28, column (g). However, if the box in item D is checked, report the income following the rules for Publicly traded partnerships on page 4. b. If a loss is reported in box 1, follow the Instructions for Form 8582 to figure how much of the loss can be reported on Schedule E, line 28, column (f). However, if the box in item D is checked, report the loss following the rules for Publicly traded partnerships on page 4.
