Fillable Printable 2006 Form 1065
Fillable Printable 2006 Form 1065
2006 Form 1065
OMB No. 1545-0099
U.S. Return of Partnership Income
1065
Form
Department of the Treasury
Internal Revenue Service
©
See separate instructions.
Name of partnership
A
Principal business activity
D
Employer identification number
Use the
IRS
label.
Other-
wise,
print
or type.
Number, street, and room or suite no. If a P.O. box, see the instructions.
Principal product or service
B
E
Date business started
City or town, state, and ZIP code
Business code number
C
F
Total assets (see the
instructions)
$
Final return
(2)
Initial return
(1)
Check applicable boxes:
G
(3)
Name change
(5)
Amended return
Accrual
(2)
Cash
(1)
Check accounting method:
H
(3)
Other (specify)
©
Number of Schedules K-1. Attach one for each person who was a partner at any time during the tax year
©
I
Caution. Include only trade or business income and expenses on lines 1a through 22 below. See the instructions for more information.
1a
a
1
Gross receipts or sales
1c
1b
b
Less returns and allowances
2
2
Cost of goods sold (Schedule A, line 8)
3
3
Gross profit. Subtract line 2 from line 1c
4
Ordinary income (loss) from other partnerships, estates, and trusts (attach statement)
4
Income
5
5
Net farm profit (loss) (attach Schedule F (Form 1040))
6
6
Net gain (loss) from Form 4797, Part II, line 17 (attach Form 4797)
7
7
Other income (loss) (attach statement)
8
Total income (loss). Combine lines 3 through 7
8
9
Salaries and wages (other than to partners) (less employment credits)
10
Guaranteed payments to partners
10
11
Rent
13
12
Interest
15
13
Taxes and licenses
14
14
Bad debts
12
15
Repairs and maintenance
11
16a
Depreciation (if required, attach Form 4562)
16a
16c
16b
Less depreciation reported on Schedule A and elsewhere on return
b
17
Depletion (Do not deduct oil and gas depletion.)
17
19
18
Retirement plans, etc.
Employee benefit programs
21
19
Other deductions (attach statement)
Deductions
(see the instructions for limitations)
Total deductions. Add the amounts shown in the far right column for lines 9 through 20
20
20
Ordinary business income (loss). Subtract line 21 from line 8
21
22
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.
Sign
Here
Date
Signature of general partner or limited liability company member manager
Preparer’s SSN or PTIN
Date
Preparer’s
signature
Check if
self-employed
©
Paid
Preparer’s
Use Only
Firm’s name (or yours
if self-employed),
address, and ZIP code
Form 1065 (2006)
For Privacy Act and Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11390Z
18
22
©
©
EIN
©
Phone no. ( )
For calendar year 2006, or tax year beginning , 2006, ending , 20 .
9
(4)
Address change
May the IRS discuss this return
with the preparer shown below (see
instructions)?
Yes
No
©
20
06
Check if Schedule M-3 required (attach Schedule M-3)
J
Credit for federal telephone excise tax paid (attach Form 8913)
23
23
Form 1065 (2006)
Page 2
Cost of Goods Sold (see the instructions)
1
1
Inventory at beginning of year
2
2
Purchases less cost of items withdrawn for personal use
3
3
Cost of labor
4
4
5
5
Other costs (attach statement)
6
6
Total. Add lines 1 through 5
7
7
Inventory at end of year
8
8
Cost of goods sold. Subtract line 7 from line 6. Enter here and on page 1, line 2
9a
Check all methods used for valuing closing inventory:
Lower of cost or market as described in Regulations section 1.471-4
(ii)
Cost as described in Regulations section 1.471-3
(i)
(iii)
Check this box if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970)
©
c
No
d
Do the rules of section 263A (for property produced or acquired for resale) apply to the partnership?
No
Yes
e
Was there any change in determining quantities, cost, or valuations between opening and closing inventory?
If “Yes,” attach explanation.
Other Information
Designation of Tax Matters Partner (see the instructions)
Enter below the general partner designated as the tax matters partner (TMP) for the tax year of this return:
Identifying
number of TMP
Name of
designated TMP
Address of
designated TMP
Other (specify method used and attach explanation)
©
Yes
©
No
Yes
8
Has this partnership filed, or is it required to file, a return under section 6111 to provide information on any reportable
transaction?
1
At any time during calendar year 2006, 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 the instructions for exceptions and filing requirements for Form TD F 90-22.1. If “Yes,” enter the name of the
foreign country.
©
9
Are any partners in this partnership also partnerships?
2
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
3
Did the partnership file Form 8893, Election of Partnership Level Tax Treatment, or an election statement under
section 6231(a)(1)(B)(ii) for partnership-level tax treatment, that is in effect for this tax year? See Form 8893 for
more details
4
Does this partnership meet all three of the following requirements?
5
10
Does this partnership have any foreign partners? If “Yes,” the partnership may have to file Forms 8804, 8805 and
8813. See the instructions
6
Schedule A
Schedule B
©
©
Was there a distribution of property or a transfer (for example, by sale or death) of a partnership interest during
the tax year? If “Yes,” you may elect to adjust the basis of the partnership’s assets under section 754 by attaching
the statement described under Elections Made By the Partnership in the instructions
11
During the tax year, did the partnership receive a distribution from, or was it the grantor of, or transferor to, a
foreign trust? If “Yes,” the partnership may have to file Form 3520. See the instructions
b
c
a
The partnership’s total receipts for the tax year were less than $250,000;
The partnership’s total assets at the end of the tax year were less than $600,000; and
Schedules K-1 are filed with the return and furnished to the partners on or before the due date (including
extensions) for the partnership return.
If “Yes,” the partnership is not required to complete Schedules L, M-1, and M-2; Item F on page 1 of Form 1065;
or Item N on Schedule K-1
What type of entity is filing this return? Check the applicable box:
Domestic general partnership
Domestic limited partnership
Domestic limited liability company
b
Check this box if there was a writedown of “subnormal” goods as described in Regulations section 1.471-2(c)
©
a
b
Other
©
c
d
Domestic limited liability partnership
f
7
Is this partnership a publicly traded partnership as defined in section 469(k)(2)?
Form 1065 (2006)
Foreign partnership
e
12
Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships, attached to
this return
©
Additional section 263A costs (attach statement)
Page 3
Form 1065 (2006)
Partners’ Distributive Share Items
Ordinary business income (loss) (page 1, line 22)
1
1
Net rental real estate income (loss) (attach Form 8825)
2
2
3a
Other gross rental income (loss)
3a
Expenses from other rental activities (attach statement)
b
3b
Other net rental income (loss). Subtract line 3b from line 3a
c
3c
Guaranteed payments
4
Interest income
4
Royalties
Income (Loss)
5
5
6
7
Other income (loss) (see instructions) Type
7
8
8
9a
Section 179 deduction (attach Form 4562)
9a
10
10
Deductions
11
12
Low-income housing credit (section 42(j)(5))
Credits
13b
Qualified rehabilitation expenditures (rental real estate) (attach Form 3468)
c
Other rental real estate credits (see instructions)
d
Other rental credits (see instructions)
e
Other credits (see instructions)
13a
12
14a
Net earnings (loss) from self-employment
14a
14b
Gross farming or fishing income
b
Self-
Employ-
ment
c
Gross nonfarm income
14c
17a
16b
b
16c
Post-1986 depreciation adjustment
c
d
Depletion (other than oil and gas)
f
Alternative
Minimum Tax
(AMT) Items
Other AMT items (attach statement)
Name of country or U.S. possession
©
16a
Foreign gross income sourced at partnership level
c
Deductions allocated and apportioned at partner level
d
e
Deductions allocated and apportioned at partnership level to foreign source income
f
Foreign Transactions
18a
18a
Other Information
Schedule K
Adjusted gain or loss
19a
20a
Other tax-exempt income
Nondeductible expenses
b
Gross income from all sources
Form 1065 (2006)
g
Passive
©
Total amount
16h
h
Gross income sourced at partner level
Net short-term capital gain (loss) (attach Schedule D (Form 1065))
Dividends: a Ordinary dividends
Net long-term capital gain (loss) (attach Schedule D (Form 1065))
6a
b
Net section 1231 gain (loss) (attach Form 4797)
b Qualified dividends
c
Collectibles (28%) gain (loss)
Unrecaptured section 1250 gain (attach statement)
6b
9c
9b
b
c
d
Contributions
Investment interest expense
Section 59(e)(2) expenditures: (1) Type
©
Other deductions (see instructions)
(2) Amount
©
13a
15a
b
Low-income housing credit (other)
f
15b
15c
15d
15e
15a
15f
Listed categories (attach statement)
©
General limitation
©
Interest expense
©
Other
©
16f
i
j
k
Passive
©
Listed categories (attach statement)
©
General limitation
©
16k
Oil, gas, and geothermal properties—gross income
Oil, gas, and geothermal properties—deductions
e
17a
17b
17c
17d
17e
17f
l
m
Total foreign taxes (check one): Paid Accrued
Reduction in taxes available for credit (attach statement)
16m
b
c
Tax-exempt interest income
Distributions of other property
b
Distributions of cash and marketable securities
Investment expenses
b
Investment income
c
Other items and amounts (attach statement)
18b
18c
19a
19b
20a
20b
11
©
13c(2)
13d
©
n
Other foreign tax information (attach statement)
16l
Type ©
Type ©
Type ©
Type ©
Page 4
Form 1065 (2006)
Balance Sheets per Books
Beginning of tax year
End of tax year
Assets
(d)
(c)
(b)
(a)
1
Cash
2a
Trade notes and accounts receivable
b
Less allowance for bad debts
3
Inventories
4
U.S. government obligations
Tax-exempt securities
5
Other current assets (attach statement)
6
Mortgage and real estate loans
7
Other investments (attach statement)
8
Buildings and other depreciable assets
9a
Less accumulated depreciation
b
Depletable assets
10a
Less accumulated depletion
b
Land (net of any amortization)
11
Intangible assets (amortizable only)
12a
Less accumulated amortization
b
Other assets (attach statement)
13
Total assets
14
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
19
Mortgages, notes, bonds payable in 1 year or more
20
Other liabilities (attach statement)
21
Partners’ capital accounts
22
Total liabilities and capital
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
2
Income included on Schedule K, lines 1, 2, 3c,
5, 6a, 7, 8, 9a, 10, and 11, not recorded on
books this year (itemize):
4
Expenses recorded on books this year not
included on Schedule K, lines 1 through
13d, and 16l (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 1 through 11 (itemize):
a
Tax-exempt interest $
7
Deductions included on Schedule K, lines 1
through 13d, and 16l, 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
Analysis of Partners’ Capital Accounts
1
Balance at beginning of year
2
Capital contributed: a Cash
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
Schedule L
Schedule M-1
Schedule M-2
3
Guaranteed payments (other than health
insurance)
Net income (loss). Combine Schedule K, lines 1 through 11. From the result, subtract the sum of
Schedule K, lines 12 through 13d, and 16l
1
(ii) Individual
(active)
Analysis by
partner type:
(v) Exempt
organization
(i) Corporate
(iv) Partnership
(vi) Nominee/Other
General partners
Analysis of Net Income (Loss)
Limited partners
1
2
b
a
(iii) Individual
(passive)
Form 1065 (2006)
b Property
