Free 2008 Form 1065-B - Federal

Form

1065-B
Use the IRS label. Otherwise, print or type.

U.S. Return of Income for Electing Large Partnerships
For calendar year 2008, or tax year beginning Name of partnership Number, street, and room or suite no. If a P.O. box, see instructions. City or town, state, and ZIP code , 2008, and ending , 20 .

OMB No. 1545-1626

Department of the Treasury Internal Revenue Service

See separate instructions.

2008
D Employer identification number E Date business started

A Principal business activity B Principal product or service

C Business code no. (see instructions)

F Total assets (see instructions)

$
G H I Check applicable boxes: (1) Final return Cash (2) (2) Name change Accrual (3) (3) Address change Other (specify) (4) Amended return

Check accounting method: (1)

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
1a 2 3 4 5 6 7 8

Taxable Income or Loss From Passive Loss Limitation Activities
1c 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19c 20 21 22 23 24 25 26 27 28 29

Gross receipts or sales b Less returns and allowances c Bal Cost of goods sold (Schedule A, line 8) Gross profit. Subtract line 2 from line 1c Net rental real estate income (loss) (attach Form 8825) Net income (loss) from other rental activities (attach schedule) Ordinary income (loss) from other partnerships, estates, and trusts (attach schedule) Net farm profit (loss) (attach Schedule F (Form 1040)) Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 14) 9 Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797) 10 Other income (loss) (see instructions) (attach schedule) 11 Total income (loss). Combine lines 3 through 10 12 Salaries and wages (other than to partners) (less employment credits) 13 Guaranteed payments to partners 14 Repairs and maintenance 15 Bad debts 16 Rent 17 Taxes and licenses 18 Interest 19a 19a Depreciation and section 179 expense deduction (see instructions) 19b b Less: depreciation reported on Schedule A and elsewhere on return 20 Depletion 21 Retirement plans, etc. 22 Employee benefit programs 23 Other deductions (attach schedule) 24 Total deductions. Add the amounts shown in the far right column for lines 12 through 23 25 Taxable income (loss) from passive loss limitation activities. Subtract line 24 from line 11

Tax and Payments

Deductions

Income

26 27 28 29

Tax (see instructions). Check if from: a Form 4255 Other payments. Check if from: a Form 2439 Amount owed. Enter the excess of line 26 over line 27 Overpayment. Enter the excess of line 27 over line 26

b b

Form 8611 Form 4136

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 general partner or limited liability company member manager) is based on all information of which preparer has any knowledge.
May the IRS discuss this return with the preparer shown below (see instructions)? Yes No

Signature of general partner or limited liability company member manager

Date Date Check if self-employed EIN Phone no. Cat. No. 26265H (

Paid Preparer's Use Only

Preparer's signature Firm's name (or yours if self-employed), address, and ZIP code

Preparer's SSN or PTIN

) Form

For Privacy Act and Paperwork Reduction Act Notice, see separate instructions.

1065-B

(2008)

Form 1065-B (2008)

Page

2

Part II
1 2a b c 3 4 5 6 7 8 9 10a b 11 12 13 1 2 3 4 5 6 7 8 9a

Taxable Income or Loss From Other Activities
1

Interest 2a Total ordinary dividends 2b Qualified dividends Nonqualified dividends (subtract line 2b from 2a) Gross royalties Excess of net short-term capital gain over net long-term capital loss (Schedule D, line 17) Other income (loss) (see instructions) (attach schedule) Total income (loss). Add lines 1, 2c, 3, 4, and 5 Interest expense on investment debts (attach Form 4952) State and local income taxes (see instructions) Charitable contributions (see instructions for limitations and required attachment) 10a Total miscellaneous itemized deductions Deductible amount. Multiply line 10a by 30% Other deductions (attach schedule) Total deductions. Add lines 7, 8, 9, 10b, and 11 Taxable income (loss) from other activities. Subtract line 12 from line 6

2c 3 4 5 6 7 8 9 10b 11 12 13

Schedule A

Cost of Goods Sold (see instructions)

b c d e

1 Inventory at beginning of year 2 Purchases less cost of items withdrawn for personal use 3 Cost of labor 4 Additional section 263A costs (attach schedule) 5 Other costs (attach schedule) 6 Total. Add lines 1 through 5 7 Inventory at end of year 8 Cost of goods sold. Subtract line 7 from line 6. Enter here and on page 1, line 2 Check all methods used for valuing closing inventory: (i) Cost as described in Regulations section 1.471-3 (ii) Lower of cost or market as described in Regulations section 1.471-4 (iii) Other (specify method used and attach explanation) Check this box if there was a writedown of "subnormal" goods as described in Regulations section 1.471-2(c) Check this box if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) Yes Do the rules of section 263A (for property produced or acquired for resale) apply to the partnership? Was there any change in determining quantities, cost, or valuations between opening and closing inventory? Yes If "Yes," attach explanation.

No No

Schedule B
1

Other Information (see instructions)
Yes No

What type of entity is filing this return? Check the applicable box: 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 Does this partnership have any foreign partners? If "Yes," the partnership may have to file Forms 8804, 8805, and 8813. (See instructions.) Is this partnership a publicly traded partnership as defined in section 469(k)(2)? Has this partnership filed, or is it required to file, a return under section 6111 to provide information on any reportable transaction? At any time during calendar year 2008, 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. 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 Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to this return.
Form

4 5 6 7

8 9

1065-B

(2008)

Form 1065-B (2008)

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3

Schedule D

Capital Gains and Losses Part I--Short-Term Capital Gains and Losses--Assets Held 1 Year or Less
(b) Date acquired (month, day, year) (c) Date sold (month, day, year) (d) Sales price (see instructions) (e) Cost or other basis (see instructions) (f) Gain or (loss) Subtract (e) from (d)

(a) Description of property (e.g., 100 shares of "Z" Co.)

1

2 3 4

Short-term capital gain from installment sales from Form 6252, line 26 or 37 Short-term capital gain (loss) from like-kind exchanges from Form 8824 Net short-term capital gain or (loss). Combine lines 1 through 3 in column (f)
(a) Description of property (e.g., 100 shares of "Z" Co.) (b) Date acquired (month, day, year) (c) Date sold (month, day, year) (d) Sales price (see instructions)

2 3 4
(e) Cost or other basis (see instructions) (f) Gain or (loss) Subtract (e) from (d)

Part II--Long-Term Capital Gains and Losses--Assets Held More Than 1 Year

5

6 7 8 9 10 11 12 13 14 15 16

Enter gain from Form 4797, Part I Long-term capital gain from installment sales from Form 6252, line 26 or 37 Long-term capital gain (loss) from like-kind exchanges from Form 8824 Net long-term capital gain or (loss). Combine lines 5 through 8 in column (f)

6 7 8 9 10 11 12

Part III--Summary of Parts I and II
Combine lines 4 and 9 and enter the net gain (loss) Enter excess of net short-term capital gain (line 4) over net long-term capital loss (line 9) Net capital gain or (loss). Subtract line 11 from line 10

Part IV--Net Capital Gain (Loss) From Passive Loss Limitation Activities
Redetermine the amount on line 11 by taking into account only gains and losses from passive loss limitation activities Excess of net short-term capital gain over net long-term capital loss. Enter the smaller of the amount on line 11 or line 13. Enter here and on page 1, Part I, line 8 Redetermine the amount on line 12 by taking into account only gains and losses from passive loss limitation activities Net capital gain or (loss) from passive loss limitation activities. If lines 12 and 15 are both positive or both negative, enter the smaller of line 12 or line 15. Otherwise, enter -0-. Enter here and on Schedule K, line 4a Note. When figuring whether line 12 or line 15 is smaller, treat both numbers as positive. 13 14 15

16

Part V--Net Capital Gain (Loss) From Other Activities
17 18 Excess of net short-term capital gain over net long-term capital loss. Subtract line 14 from line 11. Enter here and on page 2, Part II, line 4 Net capital gain or (loss) from other activities. Subtract line 16 from line 12. Enter here and on Schedule K, line 4b 17 18
Form

1065-B

(2008)

Form 1065-B (2008)

Page

4

Schedule K

Partners' Shares of Income, Credits, Deductions, etc.
(a) Distributive share items (b) Total amount 1a

1a Taxable income (loss) from passive loss limitation activities (Part I, line 25) b Amount on line 1a allocated to general partners as: 1b(1) (1) Taxable income (loss) from trade or business activities 1b(2) (2) Taxable income (loss) from rental real estate activities 1b(3) (3) Taxable income (loss) from other rental activities c Total amount on line 1a allocated to general partners. Combine lines 1b(1) through 1b(3) 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) 2 Taxable income (loss) from other activities (Part II, line 13) 3 Qualified dividends from other activities (Part II, line 2b) 4a Net capital gain (loss) from passive loss limitation activities (Schedule D, line 16) b Net capital gain (loss) from other activities (Schedule D, line 18) 5 Net passive alternative minimum tax adjustment 6 Net other alternative minimum tax adjustment 7 Guaranteed payments 8 Income from discharge of indebtedness 9 Tax-exempt interest income 10 General credits (see instructions) 11 Low-income housing credit (see instructions) 12 Rehabilitation credit from rental real estate activities (attach Form 3468) 13a Net earnings (loss) from self-employment b Gross nonfarm income 14a Name of foreign country or U.S. possession b Gross income from all sources c Gross income sourced at partner level (attach schedule) d Foreign gross income sourced at partnership level: (1) Passive category (2) General category (3) Other (attach schedule) e Deductions allocated and apportioned at partner level: (1) Interest expense (2) Other f Deductions allocated and apportioned at partnership level to foreign source income: (1) Passive category (2) General category (3) Other (attach schedule) Accrued g Total foreign taxes (check one): Paid h Reduction in taxes available for credit (attach schedule) 15 Other items and amounts required to be reported separately to partners (attach schedule)

1c 1d 2 3 4a 4b 5 6 7 8 9 10 11 12 13a 13b 14b 14c 14d(1) 14d(2) 14d(3) 14e(1) 14e(2) 14f(1) 14f(2) 14f(3) 14g 14h

Analysis of Net Income (Loss)
1 2 Net income (loss). In column (b), add lines 1c through 4b, 7, and 8. From the result, subtract line 14g
(i) Corporate (ii) Individual (active) (iii) Individual (passive) (iv) Partnership

1
(vi) Nominee/Other

Analysis by partner type: a General partners b Limited partners

(v) Exempt organization

Form

1065-B

(2008)

Form 1065-B (2008)

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5

Schedule L

Balance Sheets per Books
Assets
(a) Beginning of tax year (b) End of tax year (c) (d)

1 2a b 3 4 5 6 7 8 9a b 10a b 11 12a b 13 14 15 16 17 18 19 20 21 22

Cash Trade notes and accounts receivable Less allowance for bad debts Inventories U.S. government obligations Tax-exempt securities Other current assets (attach schedule) Mortgage and real estate loans Other investments (attach schedule) Buildings and other depreciable assets Less accumulated depreciation Depletable assets Less accumulated depletion Land (net of any amortization) Intangible assets (amortizable only) Less accumulated amortization Other assets (attach schedule) Total assets Liabilities and Capital Accounts payable Mortgages, notes, bonds payable in less than 1 year Other current liabilities (attach schedule) All nonrecourse loans Mortgages, notes, bonds payable in 1 year or more Other liabilities (attach schedule) Partners' capital accounts Total liabilities and capital

Schedule M-1
1 2

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). 6 Income recorded on books this year not included on Schedule K, lines 1c through 4b, and 8 (itemize): a Tax-exempt interest $

Net income (loss) per books Income included on Schedule K, lines 1c through 4b, and 8, not recorded on books this year (itemize): Guaranteed payments Expenses recorded on books this year not included on Schedule K, lines 1c through 4b, and 14g (itemize): a Depreciation $ b Travel and entertainment $

3 4

7

Deductions included on Schedule K, lines 1c through 4b, and 14g, not charged against book income this year (itemize): a Depreciation $

8 9 5 1 2 3 4 Add lines 1 through 4

Add lines 6 and 7 Income (loss). (Analysis of Net Income (Loss), line 1.) Subtract line 8 from line 5 Distributions: a Cash b Property Other decreases (itemize): Add lines 6 and 7 Balance at end of year. Subtract line 8 from line 5
Form

Schedule M-2

Analysis of Partners' Capital Accounts
6

Balance at beginning of year Capital contributed: a Cash b Property Net income (loss) per books Other increases (itemize):

7 8 9

5

Add lines 1 through 4

1065-B

(2008)