nexchap,
Thanks for all of you answers to how to deal with the sale of MLPs. I have read through several pages of them and, because either I am a little slow or terminology and line numbers have changed over the years, I am still not clear on your two step process. Could we have a new clean explanation without the side trips of other question etc.?
I have sold several MLPs this year one of them is Enterprise Products Partners L.P. (EPD). Could we use this as an example?
1099 B - Short Term - Box B checked - From Broker
1d proceeds 428
1e Cost or other basis 420
1099 B – Long Term - Box E checked - From Broker
1d Proceeds 9502
1e Cost or other basis 9746
EPD 2019 Sales Schedule
4 Purchase price 8028
5 Cumulative adjustments to basis -3823
6 Cost Basis 4205
7 Gain subject to recapture 2729
8 AMT Gain/loss Adjustment -56
9 Percent Long Term 96%
Schedule K-1 (form 1065) Additional Information (Form K1P Addl info 2)
(With my attempt to follow your directions)
Part II Disposition of Partnership Interest
Regular AMT
5 Sales Price
6 Selling Expense
7 basis of partnership interest
8 Total gain (loss)
9 Ordinary gain (loss) -2729 -2673
10 Short-term gain (loss) 2729 2673
11 Long-term gain (loss)
12 Unrecaptured Section 1250 gain
With the above information how do I adjust the 1099 Bs?
