Business & farm

Sam78 · ‎March 18, 2020

Thank you for the answer and clarification. I got 5 K-1s and on all of them, the only section that has anything other than a blank or "0" is Part II, Section L. So, it is safe to then not enter any of the K-1s at all and I won't get any flack from the IRS?

Here's an example of the relevant info from one of my K-1's with the 1099-B info as well. Just so you can confirm that I am understanding and doing this correctly.

Black Stone Minerals, L.P. (BSM)

1099-B:
Quantity sold	0.08541	0.12077
Date Acquired	11/15/2019	11/15/2019
Date Sold (box 1c)	12/09/2019	12/09/2019
Procedes/Reported to IRS (box 1d)	$1.01	$1.43
Cost or other basis	$1.06	$1.55
Accrued Market Discount	$0.00	$0.00
Wash Sale Loss Disallowed	$0.00	$0.00
Gain/Loss	-$0.05	-$0.12

FROM K-1:
Form 1065
J Partner’s share of profit, loss, and capital:	Beginning	Ending
Profit	0.00%	0.00%
Loss	0.00%	0.00%
Capital	0.00%	0.00%
K Partner’s share of liabilities:	Beginning	Ending
Nonrecourse	$0.00	$0.00
Qualified nonrecourse financing
Recourse
Check this box if Item K includes liability amounts from lower tier partnerships.	x
L Partner’s Capital Account Analysis
Beginning capital account	$0.00
Capital contributed during the year	$15.00
Current year net income (loss)	$0.00
Other increase (decrease)	$0.00
Withdrawals & distributions	-$3.00
Ending capital account	$12.00
1 Ordinary business income (loss)	0
2 Net rental real estate income (loss)
3 Other net rental income (loss)
4a Guaranteed payments for services
4b Guaranteed payments for capital
4c Total guaranteed payments
5 Interest income	0
6a Ordinary dividends
6b Qualified dividends
6c Dividend equivalents
7 Royalties	0
8 Net short-term capital gain (loss)
9a Net long-term capital gain (loss)
9b Collectibles (28%) gain (loss)
9c Unrecaptured section 1250 gain
10 Net section 1231 gain (loss)	0
11 Other income (loss)
12 Section 179 deduction
13 Other deductions
I	0
J	0
K	0
14 Self-employment earnings (loss)
15 Credits
16 Foreign transactions
17 Alternative minimum tax (AMT) items
A	0
D	0
*	STMT
18 Tax-exempt income and nondeductible expenses
C	0
19 Distributions
A	0
20 Other information
A	0
B	0
T*	STMT
*	STMT

Supplemental Info
AMT Item: Oil, Gas & Geothermal-Deductions	17E	0
AMT Item: Excess Intangible Drilling Costs	17F1	0
Sustained Depletion - Working Interests	20T1	0
Cost Depletion - Working Interests	20T2	0
Percentage Depletion in Excess of Cost Depletion - Working Interests	20T3	0
Sustained Depletion - Royalty Interests	20T4	0
Cost Depletion - Royalty Interests	20T5	0
Percentage Depletion in Excess of Cost Depletion - Royalty Interests	20T6	0
Percentage Depletion in Excess of Basis	20T7	0
Net Equivalent Barrels	20T8	0
Unrelated Business Taxable Income or Loss	20V	0
Section 199A Publicly Traded Partnership (PTP) Income	20Z1	0
Qualified PTP Item - Section 1231 Gain (Loss)	20Z2	0
Qualified PTP Item - Ordinary Income on Sale of Interests	20Z3	0
Section 751 gain (loss)	20AB	0
Excess Taxable Income	20AE	0
Excess Business Interest Income	20AF	0
Gross Receipts	20AH1	0

Ownership Schedule
TRANSACTION
DESCRIPTION	DATE	UNITS
BEGINNING OF YEAR UNITS		0.00000
AC Buy	11/11/2019	0.07300
AC Buy	11/15/2019	0.08500
AC Buy	11/18/2019	0.04700
AC Buy	12/9/2019	1.00000
DA Sell	12/9/2019	-0.20600

Sales Schedule
	1	2	3	4	5	6	7	8	9
	Units Sold	Sale Date	Sales Proceeds	Purchase Price / Initial Basis Amount	Cumulative Adjustments to Basis	Cost Basis	Gain Subject to Recapture as Ordinary Income	AMT Gain/Loss Adjustment	Percentage Long Term
	0.206	12/9/2019		3	0	3	0	0	0.00%
Totals	0.206			3	0	3	0	0
References			Form 8949 Column D			Form 8949 Column E	Form 4797 Part II Line 10, Form 8949 Column G	Form 6251 Line 2k

Thank you so very much!