My PTP (Magellan Midstream Partners) was sold (acquired by ONEOK), and my broker reported sale proceeds on Form 1099-B, under "Unknown Term Gains or Losses on Gross Proceeds. Report on Form 8949 Code X".
I don't understand how to correctly report the sale proceeds (the capital gain part, not the ordinary income which is done under K1 partnerships form) in Form 1099-B in TurboTax.
When using the step-by-step wizard, under "what type of investment did you sell", there is no "Partnerships" option.
I tried choosing "Stocks" but it does not seem right, and if editing form 8949 directly, there is no way to way to specify "Code X" which according to my broker is needed "IRS Instructions require Unknown Term transactions to be assigned Code X for reporting on Form 8949."
