June 4, 2019 1:41 PM
Thank you for your answer, bear with me I'm just a little confused. We've had ET for about 7 years (ETP for longer), when I originally called and spoke with TTAX professionals and later a CPA, I was told that unless you specifically receive a separate K-1 for the entity you need to put all of the holdings shown for each partnership under the Master Partnership's FEIN, you do not use separate FEINs unless you receive a separate K-1 for each since Part III is the cumulative amounts for all the sub-entities that fall under the umbrella. It was explained that the reason for this is because the Master Partnership will dispose of various holdings throughout the year, you would not receive a final K-1 for any of them - so the way I should keep them separate is to create different K-1s in TTAX using the address and FEIN of the MP(ET) but adding the different entities name at the top, leaving out any of the amounts already entered for the MP in Part II, this way all of the calculations that have been broken out will be attributed to the MP. This year, I have separate K-1s for both ET and ETP as usual and the ET K-1 also shows ETP as a holding along with SUN & USAC, so following this logic I would enter ETP separately with its own FEIN, and again under the FEIN of ET. So, correctly me please if I am wrong here - are you saying that I should break out ETP from the ET k-1 and continue to create a separate K-1 in TTAX using ETPs FEIN?