New Jersey Complete Liquidation

Complete Liquidation
2023 NJ-1065 Schedule L
NJ-1065 – 2023

Schedule L

Partnership name as shown on Form NJ-1065

Schedule L	
	

Federal EIN

Complete Liquidation

(Complete this schedule before completing Form NJ-1065)
Column A

Part I – Partnership Income

Amounts Reported by This Partnership on
Federal Schedule K

1. Ordinary income (loss) from trade or

1.

2. Net income (loss) from rental real

2.

3. Net income (loss) from other rental

3.

4. Guaranteed payments to partners

4.

5. Interest Income

5.

6. Dividend Income

6.

7. Royalty Income

7.

8. Net gain (loss) from disposition of

8.

9. Net IRC Section 1231 gain (loss)

9.

business activities
estate activities
activities

property

10.

Other income (loss)

11. Tax-exempt interest income

Column B
Gain/Loss From Disposition
of Assets as a Result of a
Complete Liquidation

Column C
Net Addition or Subtraction
as a Result of a Complete
Liquidation

Column D
Net Gain/Loss From
Disposition of Assets
(B plus C)

Column E
Net Gain/Loss From
Disposition of Assets From
NJ Sources

Column F
Partnership Income Not
From Disposition of Assets
(A minus B)

10.
11.
12. Add the amount(s) on lines 8, 9, and 10 in columns D and E and enter the result

1.	 Have the partnership and all its partners discontinued all business activities this year?......

Yes – As of what date: _____/_____/_____	

No

2.	 Have all your assets been distributed to the partners this year?...........................................

Yes – As of what date: _____/_____/_____	

No

3.	 Are your partners required to recognize gain or loss on the disposition of their
partnership interests for federal income tax purposes this tax year?.....................................

Yes	

No

This schedule can only be completed if your partnership can answer yes to all three of the above questions. If you answered yes to all three questions, the applicable dates must be entered.

Lines 1–11
Column A:	
Column B:	

Column C:	
Column D:	
Column E:	
	
	
	
Column F:	

Line 12

Follow the instructions for lines 1 through 11 of the NJ-1065.
Enter the portion of the amounts reported in column A on lines 8, 9, and 10 that are applicable to the sale or disposition of its assets as a result of a complete liquidation. Do not include any amounts
derived from other partnerships..
Enter any net addition or subtraction that pertains to the sale or disposition of its assets reported in column B on lines 8, 9, and 10 that are a result of a complete liquidation. Refer to the line 13b,
“Other Additions,” and line 15e, “Other Subtractions,” instructions listed under the NJ-1065 line-by-line instructions.
Enter the sum of the amounts reported in columns B and C on lines 8, 9, and 10.
Enter the portion of the amounts reported in column D on lines 8, 9, and 10 that are sourced to New Jersey.
The gain or loss from the sale of real and tangible assets located in New Jersey is sourced to New Jersey.
The gain or loss from the sale of motor vehicle equipment is sourced to the state where the vehicle is registered, unless used predominantly in one state.
The gain or loss from the sale of intangibles is allocated using the average of the last three years’ business allocation used.
For each line 1 through 11, subtract the amount reported in column B from the amount reported in column A. Enter the difference in column F of that line and on the corresponding line on the front of
Form NJ-1065.

Add the amount(s) on lines 8, 9, and 10 in columns D and E and enter the results on line 12, columns D and E. Carry the totals in columns D and E to line 24, columns A and B respectively, of Form NJ-1065.