Instructions for Form 8907 (2014)
Nonconventional Source Fuel Credit
For the latest information about developments related to Form 8907 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form8907.
Partnerships, S corporations, estates, and trusts use the 2014 Form 8907 to report any nonconventional source fuel credit they receive from a fiscal year partnership, S corporation, estate, or trust, whose tax year began in 2013 (when the credit was still available) and ends during their 2014 tax year. All other taxpayers report this credit directly on line 1o in Part III of Form 3800, General Business Credit.
These lines are now shown as "Reserved." When any form, worksheet, or instruction refers to these lines, treat the amounts on these lines as zero.
Enter total nonconventional source fuel credits from:
Schedule K-1 (Form 1065), Partner's Share of Income, Deductions, Credits, etc., box 15 (code P);
Schedule K-1 (1120S), Shareholder's Share of Income, Deductions, Credits, etc., box 13 (code P); and
Schedule K-1 (Form 1041), Beneficiary's Share of Income, Deductions, Credits, etc., box 13 (code P).
Partnerships, S corporations, estates, and trusts must always report the above credits on line 12. All other taxpayers:
Report the above credits directly on Form 3800, Part lll, line 1o; and
Do not file Form 8907.
Estates and trusts.
Allocate the nonconventional source fuel credit on line 13 between the estate or trust and the beneficiaries in the same proportion as income was allocated and enter the beneficiaries’ share on line 14.
If the estate or trust is subject to the passive activity rules, include on line 12 any Form 8907 credits from passive activities disallowed for prior years and carried forward to this year. Complete Form 8582-CR, Passive Activity Credit Limitations, to determine the allowed credit that must be allocated between the estate or trust and the beneficiaries. For details, see the Instructions for Form 8582-CR.
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The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individual taxpayers filing this form is approved under OMB control number 1545-0074 and is included in the estimates shown in the instructions for their individual income tax return. The estimated burden for all other taxpayers who file this form is shown below.
|Recordkeeping||6 hr., 27 min.|
|Learning about the law or the form||35 min.|
|Preparing and sending the form to the IRS||43 min.|
If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. See the instructions for the tax return with which this form is filed.