First, maximum kudo's to nexchap. I am somewhat concerned about nexchap's statement of correcting the Brokerage Report with the basis instead of taking it to zero, and then using original cost and revised basis on the K1's. As I understand it, the MLP will report to IRS, where the Brokerage did not. I changed the brokerage to zero, and then used the adjusted basis (against original cost) for the gain. Is this a problem? Seems like it should give the right answer, and agree with what the MLP reports to the IRS???? If not, I will have to amend, but am going wait a while, I was still getting corrected brokerage statements (return of capital and amortization of bonds) as late as August last year. What do people thin?
