This was a mistake by the partnership not reporting the income amount under Box E. When foreign income is paid, you are allowed to take deductions against the foreign income. Code L represents Deductions For Foreign Based Category. Code E represents Gross income for Foreign Branch Category. What Code L does is reduce the income from Code E but since there is no income to report inn Code E, the amount in Code L is useless. Code B represents all income, domestic and foreign.
My suggestion is to contact the partnership and request a corrected copy of a K1 that represents income for Code E or see if it is listed on the supplementary statement that came with your K1. If the partnership is unwilling to do this, then omit the Code L information on your return because it is useless and will cause error messages when you try to file.
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