Fillable Printable 2008 Form 1065
Fillable Printable 2008 Form 1065
2008 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
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 (2008)
For Privacy Act and Paperwork Reduction Act Notice, see separate instructions.
Cat. No. 11390Z
18
22
©
©
EIN
©
Phone no. ( )
For calendar year 2008, or tax year beginning , 2008, ending , 20 .
9
(4)
Address change
May the IRS discuss this return
with the preparer shown below (see
instructions)?
Yes
No
©
Check if Schedule M-3 attached
J
(5)
Amended return
(6)
Technical termination - also check (1) or (2)
20
08
Form 1065 (2008)
Page 2
No
Yes
1
At any time during the tax year, was any partner in the partnership a disregarded entity, a partnership (including
an entity treated as a partnership), a trust, an S corporation, an estate (other than an estate of a deceased partner),
or a nominee or similar person?
2
At the end of the tax year:
3
What type of entity is filing this return? Check the applicable box:
Domestic general partnership
Domestic limited partnership
Domestic limited liability company
a
b
Other
©
c
d
Domestic limited liability partnership
f
Form 1065 (2008)
Foreign partnership
e
Other Information
Schedule B
Cost of Goods Sold (see the instructions)
Schedule A
Inventory at beginning of year
1
1
Purchases less cost of items withdrawn for personal use
2
2
Cost of labor
Additional section 263A costs (attach statement)
4
Other costs (attach statement)
4
Inventory at end of year
5
5
6
7
7
8
8
9a
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:
b
Cost as described in Regulations section 1.471-3
c
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)
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d
e
If “Yes,” attach explanation.
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?
3
3
6
Total. Add lines 1 through 5
(i)
(ii)
(iii)
Lower of cost or market as described in Regulations section 1.471-4
Other (specify method used and attach explanation)
©
Yes
Yes
No
No
a
Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), or trust own, directly
or indirectly, an interest of 50% or more in the profit, loss, or capital of the partnership? For rules of constructive
ownership, see instructions. If “Yes,” complete (i) through (v) below
(v) Maximum
Percentage Owned in
Profit, Loss, or Capital
(iii) Type of
Entity
(ii) Employer
Identification
Number (if any)
(i) Name of Entity
(iv) Country of
Organization
b
Did any individual or estate own, directly or indirectly, an interest of 50% or more in the profit, loss, or capital of the
partnership? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (iv) below
(iv) Maximum
Percentage Owned in
Profit, Loss, or Capital
(ii) Social Security Number or
Employer Identification Number
(if any)
(i) Name of Individual or Estate
(iii) Country of
Citizenship
(see instructions)
At the end of the tax year, did the partnership:
4
a
Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock
entitled to vote of any foreign or domestic corporation? For rules of constructive ownership, see instructions. If “Yes,”
complete (i) through (iv) below
(iv) Percentage
Owned in Voting
Stock
(ii) Employer Identification
Number (if any)
(i) Name of Corporation
(iii) Country of
Incorporation
Form 1065 (2008)
Page 3
5
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
Form 1065 (2008)
If the partnership is required to file Form 8858, Information Return of U.S. Persons With Respect To Foreign
Disregarded Entities, enter the number of Forms 8858 attached. See instructions
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6
Does the partnership satisfy all four of the following conditions?
The partnership’s total receipts for the tax year were less than $250,000.
a
The partnership’s total assets at the end of the tax year were less than $1 million.
b
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.
c
The partnership is not filing and is not required to file Schedule M-3
d
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 L on Schedule K-1.
Does the partnership have any foreign partners? If “Yes,” enter the number of Forms 8805, Foreign Partner’s
Information Statement of Section 1446 Withholding Tax, filed for this partnership.
©
7
Is this partnership a publicly traded partnership as defined in section 469(k)(2)?
8
During the tax year, did the partnership have any debt that was cancelled, was forgiven, or had the terms
modified so as to reduce the principal amount of the debt?
Has this partnership filed, or is it required to file, Form 8918, Material Advisor Disclosure Statement, to provide
information on any reportable transaction?
10
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 the instructions for exceptions and filing requirements for Form TD F
90-22.1, Report of Foreign Bank and Financial Accounts. If “Yes,” enter the name of the foreign
country.
©
11
At any time 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, Annual Return To Report
Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. See instructions
12a
Is the partnership making, or had it previously made (and not revoked), a section 754 election?
See instructions for details regarding a section 754 election.
Did the partnership make for this tax year an optional basis adjustment under section 743(b) or 734(b)? If “Yes,”
attach a statement showing the computation and allocation of the basis adjustment. See instructions
b
Is the partnership required to adjust the basis of partnership assets under section 743(b) or 734(b) because of a substantial
built-in loss (as defined under section 743(d)) or substantial basis reduction (as defined under section 734(d))? If “Yes,”
attach a statement showing the computation and allocation of the basis adjustment. See instructions
c
No
Yes
(v) Maximum
Percentage Owned in
Profit, Loss, or Capital
(iii) Type of
Entity
(ii) Employer
Identification
Number (if any)
(i) Name of Entity
(iv) Country of
Organization
15
16
9
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
©
©
©
Designation of Tax Matters Partner (see instructions)
17
Enter the number of Forms 8865, Return of U.S. Persons With Respect to Certain Foreign Partnerships,
attached to this return.
©
13
Check this box if, during the current or prior tax year, the partnership distributed any property received in a
like-kind exchange or contributed such property to another entity (including a disregarded entity)
©
14
At any time during the tax year, did the partnership distribute to any partner a tenancy-in-common or other
undivided interest in partnership property?
Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in the profit, loss,
or capital in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial
interest of a trust? For rules of constructive ownership, see instructions. If “Yes,” complete (i) through (v) below
b
Form 1065 (2008)
Page 4
Form 1065 (2008)
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
g
Passive category
©
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
General category
©
Other
©
Interest expense
©
Other
©
16f
i
j
k
Passive category
©
General category
©
Other
©
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 5
Form 1065 (2008)
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 (2008)
b Property
