Nustar GP k-1 is marked final. Holders got Nustar NS units. After ticking Final K1, do I tick "Discontinued", or "sold or otherwise disposed"?? Thanks.

[TaxHacks]

The tax package says this:
=====================================
Enclosed you will find your tax package related to your investment in NuStar GP Holdings, LLC for the 2018 tax
year.

Effective July 20, 2018, NuStar GP Holdings, LLC merged with and into a wholly owned subsidiary of NuStar
Energy LP. and ceased to be publicly traded. Under the terms of the merger agreement, each ownership unit in
NuStar GP Holdings, LLC was exchanged for .55 of a common unit representing a limited partner interest in
NuStar Energy L.P. Because of this merger, the enclosed Schedule K-1 will reflect a tax year ending July 19,
2018, and will be your final Schedule K-1 for NuStar GP Holdings, LLC. If you did not dispose of all of your
NuStar GP Holdings, LLC units prior to the merger, you will also receive an additional separate 2018 Schedule
K-1 from NuStar Energy L.P., representing your exchanged NuStar GP Holdings, LLC units.

[Rick19744]

Do you have any suspended losses?
Did you dispose of your units or did you continue on and receive NuStar Energy LP units?

[TaxHacks]

Yes on suspended loss for the GP. I have 19A=701 and 19C=-396 ("Capital Account Transferred to NS").

I had a positive beginning capital account for the GP . The ending capital account was zero. So I think they carried the net capital account number over to the NS. The GP and the NS K-1s both have "AZ Exchange" on the respective ownership schedules. Negative units for the GP, and positive units for NS.

Thanks.

[Rick19744 · Accepted solution]

This makes sense as you don't really have a disposition.

Not sure if your Line L is marked "tax basis", if it is great.  If not, hopefully you are maintaining this as your tax basis will carry over.

Your suspended losses would free up if this was a complete disposition, but since it is not, these will carry over to the new LP.  You will need to eliminate these from the "old" and input them in the "new".  I believe there are some options to "eliminate" the "old" K-1; choose other disposition.  Will ask for some details regarding disposition.  Just input some figures that reflects no gain or loss; proceeds equals basis.