Fillable U.S. Return of Income for Electing Large Partnerships 2017 Form-1065-B

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U.S. Return of Income for Electing Large Partnerships 2017 Form-1065-B

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Form 1065-B
Department of the Treasury
Internal Revenue Service
U.S. Return of Income for
Electing Large Partnerships
For calendar year 2017, or tax year beginning , 2017, and ending , 20
.
▶
Go to www.irs.gov/Form1065B for instructions and the latest information.
OMB No. 1545-0123
2017
TYPE
or
PRINT
Name of partnership
Number, street, and room or suite no. If a P.O. box, see instructions.
City or town, state or province, country, and ZIP or foreign postal code
A Principal business activity
B Principal product or service
C Business code no.
(see instructions)
D
Employer identification number
E Date business started
F Total assets (see instructions)
$
G Check applicable boxes: (1)
Final return
(2)
Name change
(3)
Address change
(4)
Amended return
H Check accounting method: (1)
Cash
(2)
Accrual
(3)
Other (specify)
▶
I
Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year
▶
J Check if Schedule M-3 (Form 1065) is attached . . . . . . . . . . . . . . . .
▶
Part I Taxable Income or Loss From Passive Loss Limitation Activities
Income
1a
Gross receipts or sales
b
Less returns and allowances
c
Bal
▶
1c
2 Cost of goods sold (attach Form 1125-A) . . . . . . . . . . . . . . . . . . . . 2
3 Gross profit. Subtract line 2 from line 1c . . . . . . . . . . . . . . . . . . . . 3
4 Net rental real estate income (loss) (attach Form 8825) . . . . . . . . . . . . . . . . 4
5 Net income (loss) from other rental activities (attach statement) . . . . . . . . . . . . . 5
6 Ordinary income (loss) from other partnerships, estates, and trusts (attach statement) . . . . . . 6
7 Net farm profit (loss) (attach Schedule F (Form 1040)) . . . . . . . . . . . . . . . . 7
8 Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 20) . . . . . 8
9 Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) . . . . . . . . . . . . 9
10 Other income (loss) (see instructions) (attach statement) . . . . . . . . . . . . . . . 10
11 Total income (loss). Combine lines 3 through 10 . . . . . . . . . . . . . . . . .
11
Deductions
12 Salaries and wages (other than to partners) (less employment credits) . . . . . . . . . . . 12
13 Guaranteed payments to partners . . . . . . . . . . . . . . . . . . . . . . 13
14 Repairs and maintenance . . . . . . . . . . . . . . . . . . . . . . . . 14
15 Bad debts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
16 Rent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
17 Taxes and licenses . . . . . . . . . . . . . . . . . . . . . . . . . . 17
18 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
19a Depreciation and section 179 expense deduction (see instructions) . . . 19a
b Less: depreciation reported on Form 1125-A and elsewhere on return . . 19b 19c
20 Depletion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
21 Retirement plans, etc. . . . . . . . . . . . . . . . . . . . . . . . . . 21
22 Employee benefit programs . . . . . . . . . . . . . . . . . . . . . . . 22
23 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . . . 23
24 Total deductions. Add the amounts shown in the far right column for lines 12 through 23 . . . . . 24
25 Taxable income (loss) from passive loss limitation activities. Subtract line 24 from line 11 . . . .
25
Tax and
Payments
26 Tax (see instructions). Check if from: a Form 4255 b Form 8611 . . . . . .
26
27 Other payments. Check if from: a Form 2439 b Form 4136 . . . . . .
27
28 Amount owed. Enter the excess of line 26 over line 27 . . . . . . . . . . . . . . . . 28
29 Overpayment. Enter the excess of line 27 over line 26 . . . . . . . . . . . . . . . .
29
Sign
Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct,
and complete. Declaration of preparer (other than partner or limited liability company member) is based on all information of which preparer has any knowledge.
▲
Signature of partner or limited liability company member
▲
Date
May the IRS discuss this return
with the preparer shown below
(see instructions)?
Yes No
Paid
Preparer
Use Only
Print/Type preparer’s name Preparer's signature Date
Check if
self-employed
PTIN
Firm’s name
▶
Firm’s address
▶
Firm’s EIN
▶
Phone no.
For Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 26265H
Form
1065-B (2017)
dd mmm yyyy
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Form 1065-B (2017)
Page 2
Part II Taxable Income or Loss From Other Activities
1 Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
2 a Total ordinary dividends . . . . . . . . . . . . . . . . . 2a
b Qualified dividends . . . . . . . . . . . . . . . . . . 2b
c Nonqualified dividends (subtract line 2b from 2a) . . . . . . . . . . . . . . . . . . 2c
3 Gross royalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4 Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 23) . . . . . . 4
5 Other income (loss) (see instructions) (attach statement) . . . . . . . . . . . . . . . . 5
6 Total income (loss). Add lines 1, 2c, 3, 4, and 5 . . . . . . . . . . . . . . . . . . . 6
7 Interest expense on investment debts (attach Form 4952) . . . . . . . . . . . . . . . . 7
8 State and local income taxes (see instructions) . . . . . . . . . . . . . . . . . . . 8
9 Charitable contributions (see instructions for limitations and required attachment) . . . . . . . . . 9
10a Total miscellaneous itemized deductions . . . . . . . . . . . . 10a
b Deductible amount. Multiply line 10a by 30% (0.30) . . . . . . . . . . . . . . . . . . 10b
11 Other deductions (attach statement) . . . . . . . . . . . . . . . . . . . . . . 11
12 Total deductions. Add lines 7, 8, 9, 10b, and 11 . . . . . . . . . . . . . . . . . . 12
13 Taxable income (loss) from other activities. Subtract line 12 from line 6 . . . . . . . . . . . 13
Schedule B Other Information (see instructions)
1 What type of entity is filing this return? Check the applicable box:
Yes No
a
Domestic general partnership b Domestic limited partnership
c Domestic limited liability company d Domestic limited liability partnership
e
Foreign partnership f
Other
▶
2 Are any partners in this partnership also partnerships? . . . . . . . . . . . . . . . . . . . . . .
3 During the partnership’s tax year, did the partnership own any interest in another partnership or in any foreign entity that was
disregarded as an entity separate from its owner under Regulations sections 301.7701-2 and 301.7701-3? If “Yes,” see
instructions for required attachment . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Does this partnership have any foreign partners? If “Yes,” the partnership may have to file Forms 8804, 8805, and 8813. (See
instructions.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Is this partnership a publicly traded partnership as defined in section 469(k)(2)? . . . . . . . . . . . . . .
6 Has this partnership filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide information on
any reportable transaction? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7
At any time during calendar year 2017, did the partnership have an interest in or a signature or other authority over a financial
account in a foreign country (such as a bank account, securities account, or other financial account)? See instructions for
exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
If “Yes,” enter the name of the foreign country.
▶
8 During the tax year, did the partnership receive a distribution from, or was it the grantor to, or transferor to, a foreign trust? If
“Yes,” the partnership may have to file Form 3520 . . . . . . . . . . . . . . . . . . . . . . .
9
Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to this
return.
▶
10 During the partnership's tax year, did the partnership make any payments that would require it to file Forms 1042 and 1042-S
under chapter 3 (sections 1441 through 1464) or chapter 4 (sections 1471 through 1474)? . . . . . . . . . . .
Form 1065-B (2017)
Form 1065-B (2017)
Page 3
Schedule D Capital Gains and Losses (Use Form 8949 to list your transactions for lines 1b, 2, 3, 8b, 9, and 10.)
Part I—Short-Term Capital Gains and Losses—Assets Held One Year or Less
See instructions for how to figure the amounts to
enter on the lines below.
This form may be easier to complete if you round off
cents to whole dollars.
(d)
Proceeds
(sales price)
(e)
Cost
(or other basis)
(g) Adjustments to gain
or loss from Form(s)
8949, Part I, line 2,
column (g)
(h) Gain or (loss).
Subtract column (e)
from column (d) and
combine the result with
column (g)
1a
Totals for all short-term transactions reported
on Form 1099-B for which basis was reported
to the IRS and for which you have no
adjustments (see instructions). However, if you
choose to report all these transactions on Form
8949, leave this line blank and go to line 1b .
1b
Totals for all transactions reported on
Form(s) 8949 with Box A checked . . .
2
Totals for all transactions reported on
Form(s) 8949 with Box B checked . . .
3
Totals for all transactions reported on
Form(s) 8949 with Box C checked . . .
4 Short-term capital gain from installment sales from Form 6252, line 26 or 37 . . . . . . . . . . 4
5 Short-term capital gain or (loss) from like-kind exchanges from Form 8824 . . . . . . . . . . . 5
6 Partnership's share of net short-term capital gain (loss) from other partnerships, estates, and trusts . . . . 6
7 Net short-term capital gain or (loss). Combine lines 1a through 6 in column (h) . . . . . . . . . 7
Part II—Long-Term Capital Gains and Losses—Assets Held More Than One Year
See instructions for how to figure the amounts to
enter on the lines below.
This form may be easier to complete if you round off
cents to whole dollars.
(d)
Proceeds
(sales price)
(e)
Cost
(or other basis)
(g) Adjustments to gain
or loss from Form(s)
8949, Part II, line 2,
column (g)
(h) Gain or (loss).
Subtract column (e)
from column (d) and
combine the result with
column (g)
8a
Totals for all long-term transactions reported
on Form 1099-B for which basis was reported
to the IRS and for which you have no
adjustments (see instructions). However, if you
choose to report all these transactions on Form
8949, leave this line blank and go to line 8b .
8b
Totals for all transactions reported on
Form(s) 8949 with Box D checked . . .
9
Totals for all transactions reported on
Form(s) 8949 with Box E checked . . .
10
Totals for all transactions reported on
Form(s) 8949 with Box F checked . . .
11 Enter gain from Form 4797, Part I . . . . . . . . . . . . . . . . . . . . . . . 11
12 Long-term capital gain from installment sales from Form 6252, line 26 or 37 . . . . . . . . . . . 12
13 Long-term capital gain or (loss) from like-kind exchanges from Form 8824 . . . . . . . . . . . 13
14 Partnership's share of net long-term capital gain (loss) from other partnerships, estates, and trusts . . . . 14
15 Net long-term capital gain or (loss). Combine lines 8a through 14 in column (h) . . . . . . . . . 15
Part III—Summary of Parts I and II
16 Combine lines 7 and 15 and enter the net gain (loss) . . . . . . . . . . . . . . . . . 16
17 Enter excess of net short-term capital gain (line 7) over net long-term capital loss (line 15) . . . . . . 17
18 Net capital gain or (loss). Subtract line 17 from line 16 . . . . . . . . . . . . . . . . 18
Part IV—Net Capital Gain (Loss) From Passive Loss Limitation Activities
19
Redetermine the amount on line 17 by taking into account only gains and losses from passive loss limitation activities
19
20 Excess of net short-term capital gain over net long-term capital loss. Enter the smaller of the amount on
line 17 or line 19. Enter here and on page 1, Part I, line 8 . . . . . . . . . . . . . . . .
20
21
Redetermine the amount on line 18 by taking into account only gains and losses from passive loss limitation activities
21
22 Net capital gain or (loss) from passive loss limitation activities. If lines 18 and 21 are both positive or both
negative, enter the smaller of line 18 or line 21. Otherwise, enter -0-. Enter here and on Schedule K, line 4a
22
Note: When figuring whether line 18 or line 21 is smaller, treat both numbers as positive.
Part V—Net Capital Gain (Loss) From Other Activities
23 Excess of net short-term capital gain over net long-term capital loss. Subtract line 20 from line 17. Enter
here and on page 2, Part II, line 4 . . . . . . . . . . . . . . . . . . . . . . .
23
24
Net capital gain or (loss) from other activities. Subtract line 22 from line 18. Enter here and on Schedule K, line 4b
24
Form 1065-B (2017)
Form 1065-B (2017)
Page 4
Schedule K Partners’ Shares of Income, Credits, Deductions, etc.
(a) Distributive share items (b) Total amount
1a Taxable income (loss) from passive loss limitation activities (Part I, line 25) . . . . . . . . . . . 1a
b Amount on line 1a allocated to general partners as:
(1) Taxable income (loss) from trade or business activities . . . . . . . 1b(1)
(2) Taxable income (loss) from rental real estate activities . . . . . . . 1b(2)
(3) Taxable income (loss) from other rental activities . . . . . . . . 1b(3)
c Total amount on line 1a allocated to general partners. Combine lines 1b(1) through 1b(3) . . . . . . . 1c
d
Taxable income (loss) from passive loss limitation activities allocated to limited partners. Subtract line 1c from
line 1a (report on Schedules K-1, box 1) . . . . . . . . . . . . . . . . . . . . . 1d
2 Taxable income (loss) from other activities (Part II, line 13) . . . . . . . . . . . . . . . . 2
3 Qualified dividends from other activities (Part II, line 2b) . . . . . . . . . . . . . . . . . 3
4 Net capital gain (loss) from passive loss limitation activities (Schedule D, line 22) . . . . . . . . . 4aa
b Net capital gain (loss) from other activities (Schedule D, line 24) . . . . . . . . . . . . . .
4b
5 Net passive alternative minimum tax adjustment . . . . . . . . . . . . . . . . . . . 5
6 Net other alternative minimum tax adjustment . . . . . . . . . . . . . . . . . . . 6
7 Guaranteed payments . . . . . . . . . . . . . . . . . . . . . . . . . . 7
8 Income from discharge of indebtedness . . . . . . . . . . . . . . . . . . . . . 8
9 Tax-exempt interest income . . . . . . . . . . . . . . . . . . . . . . . . . 9
10 General credits (see instructions) . . . . . . . . . . . . . . . . . . . . . . . 10
11 Low-income housing credit (see instructions) . . . . . . . . . . . . . . . . . . . . 11
12 Rehabilitation credit from rental real estate activities (attach Form 3468, if applicable) . . . . . . . . 12
13a Net earnings (loss) from self-employment . . . . . . . . . . . . . . . . . . . . . 13a
b Gross nonfarm income . . . . . . . . . . . . . . . . . . . . . . . . . . 13b
14a
Name of foreign country or U.S. possession
▶
b Gross income from all sources . . . . . . . . . . . . . . . . . . . . . . . . 14b
c Gross income sourced at partner level (attach statement) . . . . . . . . . . . . . . . . 14c
d Foreign gross income sourced at partnership level:
(1) Passive category . . . . . . . . . . . . . . . . . . . . . . . . . . .
14d(1)
(2) General category . . . . . . . . . . . . . . . . . . . . . . . . . . .
14d(2)
(3) Other (attach statement) . . . . . . . . . . . . . . . . . . . . . . . .
14d(3)
e Deductions allocated and apportioned at partner level:
(1) Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . .
14e(1)
(2) Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14e(2)
f Deductions allocated and apportioned at partnership level to foreign source income:
(1) Passive category . . . . . . . . . . . . . . . . . . . . . . . . . . .
14f(1)
(2) General category . . . . . . . . . . . . . . . . . . . . . . . . . . .
14f(2)
(3) Other (attach statement) . . . . . . . . . . . . . . . . . . . . . . . .
14f(3)
g
Total foreign taxes (check one):
▶
Paid Accrued
14g
h Reduction in taxes available for credit (attach statement) . . . . . . . . . . . . . . . .
14h
15 Other items and amounts required to be reported separately to partners (attach statement)
Analysis of Net Income (Loss)
1
Net income (loss). In column (b), add lines 1c through 4b, 7, and 8. From the result, subtract line 14g . . .
1
2
Analysis by
partner type:
(i) Corporate
(ii) Individual
(active)
(iii) Individual
(passive)
(iv) Partnership
(v) Exempt
organization
(vi) Nominee/Other
a General partners
b
Limited partners
Form 1065-B (2017)
Form 1065-B (2017)
Page 5
Schedule L Balance Sheets per Books
Beginning of tax year End of tax year
Assets
(a) (b) (c) (d)
1 Cash . . . . . . . . . . . . . . .
2a Trade notes and accounts receivable . . . . . .
b Less allowance for bad debts . . . . . . . .
3 Inventories . . . . . . . . . . . . . .
4 U.S. government obligations . . . . . . . .
5 Tax-exempt securities . . . . . . . . . .
6 Other current assets (attach statement) . . . . .
7a Loans to partners (or persons related to partners) . .
b Mortgage and real estate loans . . . . . . . .
8 Other investments (attach statement) . . . . . .
9a Buildings and other depreciable assets . . . . .
b Less accumulated depreciation . . . . . . . .
10a Depletable assets . . . . . . . . . . . .
b Less accumulated depletion . . . . . . . . .
11 Land (net of any amortization) . . . . . . . .
12a Intangible assets (amortizable only) . . . . . .
b Less accumulated amortization . . . . . . . .
13 Other assets (attach statement) . . . . . . . .
14 Total assets . . . . . . . . . . . . .
Liabilities and Capital
15 Accounts payable . . . . . . . . . . . .
16
Mortgages, notes, bonds payable in less than 1 year . . .
17 Other current liabilities (attach statement) . . . . .
18 All nonrecourse loans . . . . . . . . . .
19a Loans from partners (or persons related to partners)
b
Mortgages, notes, bonds payable in 1 year or more . . .
20 Other liabilities (attach statement) . . . . . . .
21 Partners’ capital accounts . . . . . . . . .
22 Total liabilities and capital . . . . . . . . .
Schedule M-1
Reconciliation of Income (Loss) per Books With Income (Loss) per Return
Note: The partnership may be required to file Schedule M-3 (see instructions).
1 Net income (loss) per books . . . . . .
2
Income included on Schedule K, lines 1c
through 4b, and 8, not recorded on books this
year (itemize):
3 Guaranteed payments . . . . . . .
4
Expenses recorded on books this year not
included on Schedule K, lines 1c through 4b,
and 14g (itemize):
a
Depreciation $
b
Travel and entertainment $
5 Add lines 1 through 4 . . . . . . . .
6
Income recorded on books this year not
included on Schedule K, lines 1c through 4b,
and 8 (itemize):
a
Tax-exempt interest $
7
Deductions included on Schedule K, lines 1c
through 4b, and 14g, not charged against book
income this year (itemize):
a
Depreciation $
8 Add lines 6 and 7 . . . . . . . . .
9
Income (loss). (Analysis of Net Income (Loss),
line 1.) Subtract line 8 from line 5 . . . .
Schedule M-2 Analysis of Partners’ Capital Accounts
1 Balance at beginning of year . . . . .
2 Capital contributed: a Cash . . . .
b Property . . .
3 Net income (loss) per books . . . . . .
4
Other increases (itemize):
5 Add lines 1 through 4 . . . . . . . .
6 Distributions: a Cash . . . . . .
b Property . . . . .
7
Other decreases (itemize):
8 Add lines 6 and 7 . . . . . . . . .
9
Balance at end of year. Subtract line 8 from
line 5 . . . . . . . . . . . .
Form 1065-B (2017)
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U.S. Return of Income for Electing Large Partnerships 2017 Form-1065-B

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