I received K-1 form from Crestwood LLP and most details are OK. However there are 2 questions I wanted to ask
1. Partnership ending due to Crestwood being acquired by Energy partner
1.1 Crestwood LLP was bought by Energy Partner so the preferred shares were transferred. So received distribution but got new shares from EP as an exchange. So while entering K-1, should we answer the TT question - "Does this Partnership ended in 2023" - Should we select this option or not?
1.2 The form itself has a checkbox - The decrease is due to Exchange of partnership interest. How to enter it in TT question form? Should we select "Disposed of a portion of my interest in partnership in 2023? If I select this, there are more questions. Not able to get answer on this.
3. STATE SCHEDULE - The state schedule has small amounts against approx 30+ states and the form says this
"Each line represents your share of income tax items for certain states in which the Partnership had operations. You may be required to file state income tax returns in these states. You should consult with your tax advisor regarding the need to file state tax returns"
Does anyone know if we have to file tax returns in each state? This will kill me in filing.
Thanks in advance
