Thanks for the response.
My K-1 CEPQ-Preferred shares. It is 9.25% preferred shares with 8.6% yield. So it is good investment.
I received exactly same wording as a response to my question on K-3 to the company. They also told that the K3 form will come sometime in Aug and most people will not need it or will not have impact.
So while I am uncomfortable in unchecking K-3 indicator, I plan to do it rather than not submitting K-1 at all. Not submitting may be considered default but a correction that is unlikely to have material impact on the taxes may be much less severe.
As we see, we have one of the members here already submitted such return and got it accepted.
