| Partner's Instructions for Schedule K-1 (Form 1065) |
2003 Tax Year |
Partner's Instructions for Schedule K-1 (Form 1065) - Introductory Material
This is archived information that pertains only to the 2003 Tax Year. If you
are looking for information for the current tax year, go to the Tax Prep Help Area.
- Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the general tax rates applicable to net capital gain for
individuals have
been reduced. The new gains rates also apply to qualified dividend income under new section 1(h)(11). The new rates apply
to sales, other
dispositions, and installment payments received after May 5, 2003. Schedule K-1 has been revised to take into account the
partner's shares of these
gains and dividends.
- The instructions for line 25 of Schedule K-1 have been revised to change how dispositions of property are reported if the
partnership
previously passed through a section 179 expense deduction to any of its partners for the property.
- On page 12, under Supplemental Information, Line 25, we added item 21 for collectibles gain (loss), and item 22 for qualified
5-year gain. These items were added due to the deletion of these specific line items from Schedule K-1.
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