2005 1065 K-1 Line 11 code F
From TaxAlmanac
Amounts with code F are other items of income, gain, or loss not included in boxes 1 through 10 or reported in box 11 using codes A through E. The partnership should give you a description and the amount of your share for each of these items.
Report loss items that are passive activity amounts to you following the Instructions for Form 8582. However, if the box in item D is checked, report the loss following the rules for Publicly traded partnerships on page 4.
Code F items may include the following:
• Partnership gains from the disposition of farm recapture property (see the instructions for line 27 of Form 4797) and other items to which section 1252 applies.
• Income from recoveries of tax benefit items. A tax benefit item is an amount you deducted in a prior tax year that reduced your income tax. Report this amount on line 21 of Form 1040 to the extent it reduced your tax.
• Gambling gains and losses. 1. If the partnership was not engaged in the trade or business of gambling, (a) report gambling winnings on Form 1040, line 21 and (b) deduct gambling losses to the extent of winnings on Schedule A (Form 1040), line 27.
2. If the partnership was engaged in the trade or business of gambling, (a) report gambling winnings on line 28 of Schedule E and (b) deduct gambling losses (to the extent of winnings) on line 28 of Schedule E, column (h).
• Gain (loss) from the disposition of an interest in oil, gas, geothermal, or other mineral properties. The partnership will give you an attached statement that provides a description of the property, your share of the amount realized from the disposition, your share of the partnership’s adjusted basis in the property (for other than oil or gas properties), and your share of the total intangible drilling costs, development costs, and mining exploration costs (section 59(e) expenditures) passed through for the property. You must determine the amount of gain or loss from the disposition by increasing your share of the adjusted basis by the amount of intangible drilling costs, development costs, or mine exploration costs for the property that you capitalized (that is, costs that you did not elect to deduct under section 59(e)). Report a loss in Part I of Form 4797. Report a gain in Part III of Form 4797 in accordance with the instructions for line 28. See Regulations section 1.1254-5 for more information.
• Any income, gain, or loss to the partnership under section 751(b). Report this amount on Form 4797, line 10.
• Specially allocated ordinary gain (loss). Report this amount on Form 4797, line 10.
• Gain from the sale or exchange of qualified small business stock (as defined in the Instructions for Schedule D) that is eligible for the partial section 1202 exclusion. The partnership should also give you the name of the corporation that issued the stock, your share of the partnership’s adjusted basis and sales price of the stock, and the dates the stock was bought and sold. Corporate partners are not eligible for Partner’s Instructions for Schedule K-1 (Form 1065) the section 1202 exclusion. The following additional limitations apply at the partner level:
1. You must have held an interest in the partnership when the partnership acquired the qualified small business stock and at all times thereafter until the partnership disposed of the qualified small business stock.
2. Your distributive share of the eligible section 1202 gain cannot exceed the amount that would have been allocated to you based on your interest in the partnership at the time the stock was acquired. See the Instructions for Schedule D (Form 1040) for details on how to report the gain and the amount of the allowable exclusion.
• Gain eligible for section 1045 rollover (replacement stock purchased by the partnership). The partnership should also give you the name of the corporation that issued the stock, your share of the partnership’s adjusted basis and sales price of the stock, and the dates the stock was bought and sold. Corporate partners are not eligible for the section 1045 rollover. To qualify for the section 1045 rollover: 1. You must have held an interest in the partnership during the entire period in which the partnership held the qualified small business stock (more than 6 months prior to the sale) and 2. Your distributive share of the gain eligible for the section 1045 rollover cannot exceed the amount that would have been allocated to you based on your interest in the partnership at the time the stock was acquired. See the Instructions for Schedule D (Form 1040) for details on how to report the gain and the amount of the allowable postponed gain.
• Gain eligible for section 1045 rollover (replacement stock not purchased by the partnership). The partnership should also give you the name of the corporation that issued the stock, your share of the partnership’s adjusted basis and sales price of the stock, and the dates the stock was bought and sold. Corporate partners are not eligible for the section 1045 rollover. To qualify for the section 1045 rollover: 1. You must have held an interest in the partnership during the entire period in which the partnership held the qualified small business stock (more than 6 months prior to the sale), 2. Your distributive share of the gain eligible for the section 1045 rollover cannot exceed the amount that would have been allocated to you based on your interest in the partnership at the time the stock was acquired, and 3. You must purchase other qualified small business stock (as defined in the Instructions for Schedule D (Form 1040)) during the 60-day period that began on the date the stock was sold by the partnership. See the Instructions for Schedule D (Form 1040) for details on how to report the gain and the amount of the allowable postponed gain.
• Net short-term capital gain (loss) and net long-term capital gain (loss) from Schedule D (Form 1065) that is not portfolio income. An example is gain or loss from the disposition of nondepreciable personal property used in a trade or business activity of the partnership. Report total net short-term gain (loss) on Schedule D (Form 1040), line 5, column (f). Report the total net long-term gain (loss) on Schedule D (Form 1040), line 12, column (f).
• Interest income from the clean renewable energy bond credit and the gulf bond credit. See the instructions for line 9 of Form 8912, Clean Renewable Energy Bond Credit and Gulf Bond Credit for details.
