Thanks for the reply and information. In our case, we did not sell our the units/shares of Cedar Fair. When the merger was completed, the same number of shares were allocated to the new company (Six Flags Entertainment). Six Flags will be operated a corporation -- not a partnership as was Cedar Fair. The main reason for my initial question was how past Net Section 1231 amounts will be taxed. From year 2017 thru year 2021, we had an accumulated Net Section loss of $1,771. In year 2022 we had a Net Section gain of $35,281. In year 2023 we had a loss of $102. I'm trying to find out if the merger (which resulted in the closure of the partnership) how past & future (year 2024) Net Section 1231 amounts are taxed. For example, is it taxed for the year it is recorded/posted i.e. just for the upcoming year 2024. -- OR -- Due to the merger (resulting in the closure of the partnership), will past years gains & losses be accumulated and taxed. My concern is the large overall gain from year 2017 thru year 2023 (a gain of $33,408) QUESTION: will this accumulated gain of $33,408 be taxed and if so, I need to plan for additional estimated federal payments. I understand about suspended losses used against past gains of the same Master Limited Partnership (This is what Cedar Fair was). Since the partnership is now closed, what happens to this large Net Section 1231 gain of $33,408. Again, I'm trying to know what our future tax liability might be and act accordingly.
Any thoughts/comments as before would be greatly appreciated.
