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Partner's Instructions for
Schedule K-1 (Form 1065)

Department of the Treasury
Internal Revenue Service

Partner's Share of Income, Deductions, Credits, etc.
(For Partner's Use Only)
Section references are to the Internal Revenue Code
unless otherwise noted.

For the latest information about
developments related to Schedule K-1 (Form
1065) and thePartner's Instructions for
Schedule K-1 (Form 1065), such as
legislation enacted after they were
published, go to www.irs.gov/form1065.

What's New
On the front of the Schedule K-1, we added
new item I2 for the partnership to indicate
whether the partner is a retirement plan

General Instructions
Purpose of Schedule K-1

The partnership uses Schedule K-1 to reportyour share of the partnership's income,
deductions, credits, etc. Keep it for your
records. Do not file it with your tax return
unless you are specifically required to do so.
(See the instructions for Code O. Backup
withholding, later.) The partnership files a
copy of Schedule K-1 (Form 1065) with the
Although the partnership generally is not
subject to income tax, you may be liablefor
tax on your share of the partnership income,
whether or not distributed. Include your
share on your tax return if a return is
required. Use these instructions to help you
report the items shown on Schedule K-1 on
your tax return.
The amount of loss and deduction you
may claim on your tax return may be less
than the amount reported on Schedule K-1. It
is the partner's responsibility toconsider and
apply any applicable limitations. See
Limitations on Losses, Deductions, and
Credits, later, for more information.

Inconsistent Treatment of

Generally, you must report partnership items
shown on your Schedule K-1 (and any
attached statements) the same way that the
partnership treated the items on its return.
Jan 30, 2013

This rule does not apply if yourpartnership is
within the “small partnership exception” and
does not elect to have the tax treatment of
partnership items determined at the
partnership level.
If the treatment on your original or
amended return is inconsistent with the
partnership's treatment, or if the partnership
was required to but has not filed a return, you
must file Form 8082, Notice of Inconsistent
Treatment orAdministrative Adjustment
Request (AAR), with your original or
amended return to identify and explain any
inconsistency (or to note that a partnership
return has not been filed).
If you are required to file Form 8082 but
do not do so, you may be subject to the
accuracy-related penalty. This penalty is in
addition to any tax that results from making
your amount or treatment of the item
consistentwith that shown on the
partnership's return. Any deficiency that
results from making the amounts consistent
may be assessed immediately.


If you believe the partnership has made an
error on your Schedule K-1, notify the
partnership and ask for a corrected
Schedule K-1. Do not change any items on
your copy of Schedule K-1. Be sure that the
partnership sends a copy of thecorrected
Schedule K-1 to the IRS. If you are a partner
in a partnership that does not meet the small
partnership exception and you report any
partnership item on your return in a manner
different from the way the partnership
reported it, you must file Form 8082.

Sale or Exchange of
Partnership Interest

Generally, a partner who sells or exchanges
a partnership interest in a section 751(a)exchange must notify the partnership, in
writing, within 30 days of the exchange (or, if
earlier, by January 15 of the calendar year
following the calendar year in which the
exchange occurred). A “section 751(a)
exchange” is any sale or exchange of a
partnership interest in which any money or
other property received by the partner in
exchange for that partner's interest is
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