@nexchap
I have five K-1’s:
ENERGY TRANSFER LP Reporting ET Line 1
ENERGY TRANSFER LP Reporting ET Line 2
ENERGY TRANSFER LP Reporting USAC (only had 1 of boxes 1-3 checked)
ENERGY TRANSFER LP Reporting SUN Line 1
ENERGY TRANSFER LP Reporting SUN Line 2
I’m not clear on what you mean by “For K-1s that report Ord Gain.” If I understood correctly, I get the ordinary gain from the Sales Schedule, which only has one row for the three companies combined. If the row called “GAIN SUBJECT TO RECAPTURE AS ORDINARY INCOME“ is ordinary gain, which company / line has a non-zero ordinary gain?
The only lines that are broken out by company are Part III items:
Passive Income
1 Separate PTP Ordinary Business Income (Loss)
2 Net Rental Real Estate Income (Loss)
10 Net Section 1231 Gain (Loss)
17A Post-1986 Depreciation Adjustment
17B Adjusted Gain or Loss
Line 20 items:
N Business Interest Expense - Already Deducted on Line 1
V Total Unrelated Business Taxable Income Included on Schedule K-1, Page 1
Z Section 199A PTP Income Included on Schedule K-1, Lines 1 and 2
AB Section 751 Gain (Loss) Not Included in Line 20V, 20Z, 20ZZ1 or 20ZZ2
AE Excess Taxable Income
AG Gross Receipts For section 448(c)
ZZ1 UBTI Included on Schedule K-1, Lines 1 and 2
ZZ2 UBTI from Debt Financed Dividend and Interest Income Included on Schedule K-1, Page 1
ZZ3 Depreciation Adjustment for Non-Conforming States
ZZ4 Section 1231 Gain (Loss) Adjustment for Non-Conforming States
ZZ5 AMT Depreciation Adjustment for Non-Conforming States
ZZ6 Entity Level State Income Tax Included in Box 1
ZZ7 Gross Income from Operations
ZZ8 Partner Basis Items and Remedial Items for Section 163(j)
ZZ9 Partnership Interest Disposition Gain/(Loss) Adjustment for Section 163(j)
ZZ10 Nontaxable Adjustment to Capital Account
ZZ11 E&P Adjustment Due to Depreciation and Asset Sales
To calculate the basis that I want to use to replace the cost basis in 1099-B, is it correct to take values from the Sales Schedule and set
basis = (Column 4 / AVERAGE PURCHASE PRICE / INITIAL BASIS AMOUNT)
- (Column 5 / CUMULATIVE ADJUSTMENTS TO BASIS)
+ (Column 7 / GAIN SUBJECT TO RECAPTURE AS ORDINARY INCOME)
Thanks.
