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

Use Tax Form 1065sk-instructions: Partner's Instructions for Schedule K-1 (Form 1065) as a stand alone tax form calculator to quickly calculate specific amounts for your 2024 tax return. Alternatively you can use one of our Combined Federal and State Tax Estimator to quickly calculate your salary, tax and take home pay.

Partner's Instructions for Schedule K-1 (Form 1065)
Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership
1.	Your adjusted basis at the end of the prior year. Do not enter less than zero. Enter -0- if this is your first tax year	1.
	Increases:
2.	Money and your adjusted basis in property contributed to the partnership less the associated liabilities (but not less than zero)	2.
3.	Your increased share of or assumption of partnership liabilities. (Subtract your share of liabilities shown in item K of your 2015 Schedule K-1 from your share of liabilities shown in item K of your 2016 Schedule K-1 and add the amount of any partnership liabilities you assumed during the tax year (but not less than zero))	3.
4.	Your share of the partnership's income or gain (including tax-exempt income) reduced by any amount included in interest income with respect to the credit to holders of clean renewable energy bonds	4.
5.	Any gain recognized this year on contributions of property. Do not include gain from transfer of liabilities	5.
6.	Your share of the excess of the deductions for depletion (other than oil and gas depletion) over the basis of the property subject to depletion	6.
	Decreases:
7.	Withdrawals and distributions of money and the adjusted basis of property distributed to you from the partnership. Do not include the amount of property distributions included in the partner's income (taxable income) Caution: A distribution may be taxable if the amount exceeds your adjusted basis of your partnership interest immediately before the distribution.	7.
8.	Your decreased share of partnership liabilities and any decrease in your individual liabilities because they were assumed by the partnership. (Subtract your share of liabilities shown in item K of your 2016 Schedule K-1 from your share of liabilities shown in item K of your 2015 Schedule K-1 and add the amount of your individual liabilities that the partnership assumed during the tax year (but not less than zero))	8.
9.	Your share of the partnership's nondeductible expenses that are not capital expenditures	9.
10.	Your share of the partnership's losses and deductions (including capital losses). However, include your share of the partnership's section 179 expense deduction for this year even if you cannot deduct all of it because of limitations	10.
11.	The amount of your deduction for depletion of any partnership oil and gas property, not to exceed your allocable share of the adjusted basis of that property	11.
12.	Your adjusted basis in the partnership at the end of this tax year. (Add lines 1 through 6 and subtract lines 7 through 11 from the total. If zero or less, enter -0-.) Caution: The deduction for your share of the partnership's losses and deductions is limited to your adjusted basis in your partnership interest. If you entered zero on line 12 and the amount figured for line 12 was less than zero, a portion of your share of the partnership losses and deductions may not be deductible. (See Basis Rules for more information.)	12.
Computation of Section 737 Gain
1.	Enter the FMV of the distributed property (other than money) $
2.	Enter your adjusted basis in the partnership immediately before the distribution. See Basis Rules, earlier
3.	Enter the amount of money received in the distribution
4.	Subtract line 3 from line 2. If zero or less, enter -0-
5.	Subtract line 4 from line 1
6.	Enter your net precontribution gain
7.	Section 737 gain. Enter the lesser of the amount on line 5 or line 6

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