@Curious One wrote:
....I think they mentioned a private letter ruling, but I suspect this would require a lot of formalities as well as time that I don't have before next week.
Formalities and lots of time, not to mention user and professional fees that can easily run into thousands (further not to mention that you could get an unfavorable result).
See https://www.irs.gov/pub/irs-news/other_irs_user_fees.pdf
@Curious One wrote:
As for your last sentence, are you suggesting that K-1 investing is problematic generally? Or only in relation to the specific circumstance I've outlined?
Generally, and there are a plethora of questions that have been posted on this very board over the years concerning how to enter information (often cryptic) from a K-1 issued by a PTP/MLP and also how to handle the eventual sale of an interest (it is not pretty in most instances).
