Ok, i find this all very confusing. I am filing because I also have k-1 box 13K amount for my ET stock (never had this in my MLPs before). I don't understand why you think you are exempt from 163? Are you the taxpayer or is the MLP? I understand they don't pay tax but is the form talking about them or us? ET has income well in excess of 25M and would be subject to the limitations (which in fact they are, hence they are notifying us in the k-1). But then we say we are exempt? That sounds fishy.
Next, if you don't fill out section 1, how can you fill out the rest of the form? There are items that seem to require numbers in Section 1. Part 2 for Partnerships (line 32) starts with entering the info from line 31...from section 1.
Next, what do we use for line 6 taxable income? Again, is this my personal info, my income from box 1 of my k-1, or something else?
Here's what I've come up with: the box 13K amount goes in line 3. Everything else is zeros. I guess for line 6 i could enter Box 1 income (which is a loss and will end up as a zero).
Any help would be appreciated. Starting to look like i'm going to have to file an extension, which stinks. Anybody have a screenshot with an example they could post? Thank you!
