Has anyone had to deal with a complete sale of an MLP that requires more than one K-1? For example, MLPs that have numbers in Boxes 1 and 2, requiring a separate K-1 for Box 2 (the rental income)? Or a "tiered" MLP like Energy Transfer Equity or Williams Partners, which have a number of sub-partnerships, each requiring a separate K-1?
Do you go through the cost basis adjustments outlined by nexchap above for each K-1? Or do you go through the above steps for just the "parent level" K-1, and leave the inputs for sale price, partnership basis, etc on the "sub-level" K-1s blank?
Thanks!
