2003 Tax Help Archives  
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
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Table of Contents


Changes To Note

  • 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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