Gross receipts per Regulations 1.59A-7(e)(2) - current year $8
is reported on form 8991 if you are required to file.
here's the filing instructions from form 8991
Who Must File
Any corporation, other than a RIC, a REIT,
or an S corporation, that has aggregate
gross receipts of at least $500 million in 1
or more of the 3 preceding tax years
ending with the preceding tax year must
file Form 8991.
See Form 8991, Part I, lines 1a through
1g, and Specific Instructions, later, to
determine whether the corporation has
gross receipts of at least $500 million in 1
or more of the 3 preceding tax years.
See also questions/items and related
instructions in the following forms.
• Question 22, Schedule K, Form 1120.
• Item DD, Form 1120-F.
• Question 14, Schedule M, Form
1120-L.
• Question 15, Schedule I, Form
1120-PC.
• Question 16, Schedule K, Form
1120-C
since you are not a corporation the line is n/a to your filing.
since there is no FTC reported on the K-3 and if there is no net foreign source income at the partner level there will be no effect on the allowed FTC from other sources so in MY OPINION your wasting your time entering the k-3 info
the basic FTC computation is net foreign source income / taxable income X the taxes on 1040 line 16 + schedule 2 line 2 limited to the Foreign Taxes available. this limitation must be figured for each category.
