Get 1996 Form 1120IC-DISC (Schedule K)

Line 16D - Property Distributions - This amount represents the property that was distributed to the taxpayer by the corporation. These distributions will reduce the basis in the taxpayer's stock in the corporation.

Schedule K-1 provides information to help you figure your stock basis at the end of each corporate tax year. The basis of your stock (generally, its cost) is adjusted annually as follows and, except as noted, in the order listed. In addition, basis may be adjusted under other provisions of the Internal Revenue Code.

Line 16D - Property Distributions - This amount represents the property that was distributed to the taxpayer by the corporation.

Basis is decreased (but not below zero) by (a) property distributions (including cash) made by the corporation reported on Schedule K-1, box 16, code D, minus (b) the amount of such distributions in excess of the basis in your stock.

Copy B of Schedule K (Form 1120-IC-DISC) reports an actual or deemed distribution from an IC-DISC, former IC-DISC, or former DISC. It also reports deferred DISC income from an IC-DISC. Keep it for your records; do not file it with your income tax return.

Codes D and E - Oil, gas & geothermal properties - gross income and deductions. Amounts reported here reflect Gross Income (Code D) and deductions related to oil, gas and geothermal properties include in Box 1 of Schedule K-1 (Code E).

Line 16, code C; or line 14, code C—Gross income sourced at partner or shareholder level. This line includes income from the sale of eligible personal property (most personal property other than inventory, depreciable property, and certain intangible property).