Form 1065 B PDF Details

Form 1065 B is used to report the income, gains, losses, deductions, credits, and other information of a partnership. The form is also used to figure the partners' shares of the partnership's taxable income or loss. This form must be filed by all partnerships except those that file Form 1065 A. If you are filing this form, make sure you have all the necessary information before you start filling out the form. The instructions for completing this form are very thorough, so be sure to read them carefully. If you have any questions, be sure to consult with a tax professional. Filing your taxes can be a daunting task, but with careful preparation it doesn't have to be overwhelming. good luck!

Question	Answer
Form Name	Form 1065 B
Form Length	5 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	1 min 15 sec
Other names	principal business activity 1065, 14g, principal business activity code 1065, principal product or service 1065

Form Preview Example

Form 1065-B		U.S. Return of Income for			OMB No. 1545-1626
		Electing Large Partnerships
		Electing Large Partnerships			2011
Department of the Treasury	For calendar year 2011, or tax year beginning		, 2011, and ending	, 20 .	2011
Internal Revenue Service		▶ See separate instructions.
A Principal business activity		Name of partnership			D Employer identification number

B Principal product or service	TYPE	Number, street, and room or suite no. If a P.O. box, see instructions.			E Date business started
	or
	PRINT
C Business code no.	PRINT	City or town, state, and ZIP code			F Total assets (see instructions)
C Business code no.		City or town, state, and ZIP code			F Total assets (see instructions)
(see instructions)
					$

G	Check applicable boxes:	(1)	Final return	(2)	Name change	(3)	Address change	(4)
H	Check accounting method:	(1)	Cash	(2)	Accrual	(3)	Other (specify) ▶

INumber 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

. . . . . . . . . . . . . . . . ▶

Amended return

Part I			Taxable Income or Loss From Passive Loss Limitation Activities
	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
Income	4		Net rental real estate income (loss) (attach Form 8825)								4
Income	7		Net farm profit (loss) (attach Schedule F (Form 1040))								7
	5		Net income (loss) from other rental activities (attach schedule)								5
	6		Ordinary income (loss) from other partnerships, estates, and trusts (attach schedule) . . . .								6
			Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 16) . .
	8										8
	9		Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797)								9
	10		Other income (loss) (see instructions) (attach schedule)								10
	11		Total income (loss). Combine lines 3 through 10								11
	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
Deductions	17		Taxes and licenses								17
Deductions	18		Interest								18
	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 schedule)								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
Taxand Payments	26		Tax (see instructions). Check if from: a		Form 4255	b		Form 8611			26
Taxand Payments	27		Other payments. Check if from:	a	Form 2439	b		Form 4136			27
	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
			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,
Sign			and complete. Declaration of preparer (other than general partner or limited liability company member manager) is based on all information of which preparer has any knowledge.
Here												May the IRS discuss this return
Here												with the preparer shown below
			▲Signature of general partner or limited liability company member manager			▲	Date					(see instructions)? Yes No
						▲	Date

Paid

Preparer

Use Only

Print/Type preparer’s name	Preparer's signature	Date		PTIN
			Check	if
			self-employed
Firm’s name ▶			Firm's EIN	▶
Firm's address ▶			Phone no.

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 26265H

Form 1065-B (2011)


Form 1065-B (2011)					Page 2

Part II		Taxable Income or Loss From Other Activities
1	Interest		. . . . . . . .	1
2a	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 19) . . .			4
5	Other income (loss) (see instructions) (attach schedule)		. . . . . . . .	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%		. . . . . . . .	10b
11	Other deductions (attach schedule)		. . . . . . . .	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?

3During 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 . . . . . . . . . . . . . . . . .

4Does 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)?

6Has this partnership filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide

information on any reportable transaction? . . . . . . . . . . . . . . . . . . . . . . . .

7At any time during calendar year 2011, 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 Form TD F 90-22.1. If “Yes,” enter the name of the foreign country. ▶

8During 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 . . . . . . . . . . . . . . . .

9Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to this return. ▶

Form 1065-B (2011)

Page 3

Schedule D Capital Gains and Losses (Use Schedule D-1 (Form 1065) to list additional transactions for lines 1 and 6)

Part I—Short-Term Capital Gains and Losses—Assets Held 1 Year or Less

	(a) Description of property	(b) Date acquired	(c) Date sold	(d) Sales price	(e) Cost or other basis		(f) Gain or (loss)
	(e.g., 100 shares	(b) Date acquired	(c) Date sold	(d) Sales price	(e) Cost or other basis		(f) Gain or (loss)
	(e.g., 100 shares	(month, day, year)	(month, day, year)	(see instructions)	(see instructions)		Subtract (e) from (d)
	of “Z” Co.)	(month, day, year)	(month, day, year)	(see instructions)	(see instructions)		Subtract (e) from (d)
	of “Z” Co.)
1



2	Enter short-term gain or (loss), if any, from Schedule D-1 (Form 1065), line 2 . . . .				. . . . .	2
3	Short-term capital gain from installment sales from Form 6252, line 26 or 37 . . . .				. . . . .	3
4	Short-term capital gain (loss) from like-kind exchanges from Form 8824				. . . . .	4
5	Net short-term capital gain or (loss). Combine lines 1 through 4 in column (f) . . .				. . . . .	5
	Part II—Long-Term Capital Gains and Losses—Assets Held More Than 1 Year
	(a) Description of property	(b) Date acquired	(c) Date sold	(d) Sales price	(e) Cost or other basis		(f) Gain or (loss)
	(e.g., 100 shares	(b) Date acquired	(c) Date sold	(d) Sales price	(e) Cost or other basis		(f) Gain or (loss)
	(e.g., 100 shares	(month, day, year)	(month, day, year)	(see instructions)	(see instructions)		Subtract (e) from (d)
	of “Z” Co.)	(month, day, year)	(month, day, year)	(see instructions)	(see instructions)		Subtract (e) from (d)
	of “Z” Co.)
6




7	Enter long-term gain or (loss), if any, from Schedule D-1 (Form 1065), line 8 . . . .				. . . . .	7
8	Enter gain from Form 4797, Part I				. . . . .	8
9	Long-term capital gain from installment sales from Form 6252, line 26 or 37 . . . .				. . . . .	9
10	Long-term capital gain (loss) from like-kind exchanges from Form 8824				. . . . .	10
11	Net long-term capital gain or (loss). Combine lines 6 through 10 in column (f) . . .				. . . . .	11
		Part III—Summary of Parts I and II

12	Combine lines 5 and 11 and enter the net gain (loss)
13	Enter excess of net short-term capital gain (line 5) over net long-term capital loss (line 11) . . .
14	Net capital gain or (loss). Subtract line 13 from line 12

Part IV—Net Capital Gain (Loss) From Passive Loss Limitation Activities

15Redetermine the amount on line 13 by taking into account only gains and losses from passive loss

limitation activities . . . . . . . . . . . . . . . . . . . . . . . . . . .

16 Excess of net short-term capital gain over net long-term capital loss. Enter the smaller of the amount on line 13 or line 15. Enter here and on page 1, Part I, line 8 . . . . . . . . . .

17Redetermine the amount on line 14 by taking into account only gains and losses from passive loss

limitation activities . . . . . . . . . . . . . . . . . . . . . . . . . . .

18 Net capital gain or (loss) from passive loss limitation activities. If lines 14 and 17 are both positive or both negative, enter the smaller of line 14 or line 17. Otherwise, enter -0-. Enter here and on Schedule K, line 4a . . . . . . . . . . . . . . . . . . . . . . . .

Note. When figuring whether line 14 or line 17 is SMALLER, treat both numbers as positive.

Part V—Net Capital Gain (Loss) From Other Activities

19	Excess of net short-term capital gain over net long-term capital loss. Subtract line 16 from
	line 13. Enter here and on page 2, Part II, line 4	19
20	Net capital gain or (loss) from other activities. Subtract line 18 from line 14. Enter here and on
	Schedule K, line 4b	20

Form 1065-B (2011)

Form 1065-B (2011)							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
4a	Net capital gain (loss) from passive loss limitation activities (Schedule D, line 18)					4a
b	Net capital gain (loss) from other activities (Schedule D, line 20)					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)					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 schedule)					14c
d	Foreign gross income sourced at partnership level:
	(1)	Passive category				14d(1)
	(2)	General category				14d(2)
	(3)	Other (attach schedule)				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 schedule)				14f(3)
g	Total foreign taxes (check one): ▶ Paid			Accrued		14g
h	Reduction in taxes available for credit (attach schedule)					14h
15	Other items and amounts required to be reported separately to partners (attach schedule)
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

2Analysis by partner type:

aGeneral partners

bLimited partners

(i)Corporate

(ii)Individual (active)

(iii)Individual (passive)

(iv)Partnership

(v)Exempt organization

(vi)Nominee/Other

Form 1065-B (2011)

Schedule M-1

Form 1065-B (2011)	Page 5

Schedule L	Balance Sheets per Books

	Assets
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 schedule) . . . .
7a	Loans to partners
b	Mortgage and real estate loans

8Other investments (attach schedule) . . . . .

9a	Buildings and other depreciable assets . . . .
b	Less accumulated depreciation
10a	Depletable assets
b	Less accumulated depletion

11Land (net of any amortization) . . . . . . .

12a	Intangible assets (amortizable only)
b	Less accumulated amortization

13Other assets (attach schedule) . . . . . . .

14Total assets . . . . . . . . . . . . .

Liabilities and Capital

15 Accounts payable . . . . . . . . . . .

16Mortgages, notes, bonds payable in less than 1 year .

17	Other current liabilities (attach schedule) . . .
18	Loans from partners

19All nonrecourse loans . . . . . . . . . .

20Mortgages, notes, bonds payable in 1 year or more .

21	Other liabilities (attach schedule)
22	Partners’ capital accounts
23	Total liabilities and capital

Beginning of tax year			End of tax year

(a)	(b)	(c)		(d)

Reconciliation of Income (Loss) per Books With Income (Loss) per Return

Note. Schedule M-3 may be required instead of Schedule M-1 (see instructions).

1	Net income (loss) per books . . . .	6		Income recorded on books this year not
2	Income included on Schedule K, lines 1c			included on Schedule K, lines 1c through
	through 4b, and 8, not recorded on books			4b, and 8 (itemize):
	this year (itemize):		a	Tax-exempt interest $
3	Guaranteed payments
3	Guaranteed payments
4	Expenses recorded on books this year	7		Deductions included on Schedule K, lines 1c
	not included on Schedule K, lines 1c			through 4b, and 14g, not charged against
	through 4b, and 14g (itemize):			book income this year (itemize):
a	Depreciation $		a	Depreciation $

bTravel and entertainment $

8		Add lines 6 and 7
	9	Income (loss). (Analysis of Net Income
5 Add lines 1 through 4		(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 . .

3Net income (loss) per books . . . .

4Other increases (itemize):

5Add lines 1 through 4 . . . . . .

6 Distributions: a	Cash
b	Property . . . .

7Other decreases (itemize):

8 Add lines 6 and 7 . . . . . . . .

9Balance at end of year. Subtract line 8 from line 5 . . . . . . . . . . . .

Form 1065-B (2011)

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