topic Thank you for the detailed information. in Business & farm https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-for-the-detailed-information/01/462493#M17536 Thank you for the detailed information.&nbsp;&nbsp; Tue, 04 Jun 2019 23:36:04 GMT bobvcm 2019-06-04T23:36:04Z What is the 'build-in gain/loss impact of Energy Transfer LP (ET) acquiring Energy Transfer Partners LP (ETP) to individual shareholders? https://ttlc.intuit.com/community/business-taxes/discussion/what-is-the-build-in-gain-loss-impact-of-energy-transfer-lp-et-acquiring-energy-transfer-partners-lp/01/462452#M17527 Tue, 04 Jun 2019 23:35:56 GMT https://ttlc.intuit.com/community/business-taxes/discussion/what-is-the-build-in-gain-loss-impact-of-energy-transfer-lp-et-acquiring-energy-transfer-partners-lp/01/462452#M17527 bobvcm 2019-06-04T23:35:56Z Is this to be reported on 2018 taxes?  Additional forms n... https://ttlc.intuit.com/community/business-taxes/discussion/is-this-to-be-reported-on-2018-taxes-additional-forms-n/01/462460#M17529 Is this to be reported on 2018 taxes?&nbsp;&nbsp;Additional forms needed?&nbsp;&nbsp;Where to enter info? Tue, 04 Jun 2019 23:35:57 GMT https://ttlc.intuit.com/community/business-taxes/discussion/is-this-to-be-reported-on-2018-taxes-additional-forms-n/01/462460#M17529 jwsestate 2019-06-04T23:35:57Z I don't believe so, assuming you still owned ET at 12/31/... https://ttlc.intuit.com/community/business-taxes/discussion/i-don-t-believe-so-assuming-you-still-owned-et-at-12-31/01/462474#M17534 I don't believe so, assuming you still owned ET at 12/31/2018 ... see IRS Partner's Instructions for Schedule K-1 (Form 1065), Part I, item M (checked yes on my ET K-1).&nbsp;&nbsp;Since no box 20, code W, and no "distributions subject to section 737, see the instructions for box 19, code B", on my ET K-1, it appears this statement is FYI only, for use at some future date when you dispose of your ET units. Tue, 04 Jun 2019 23:35:59 GMT https://ttlc.intuit.com/community/business-taxes/discussion/i-don-t-believe-so-assuming-you-still-owned-et-at-12-31/01/462474#M17534 boiscro 2019-06-04T23:35:59Z here is the full text of IRS instruction:  Item M If you... https://ttlc.intuit.com/community/business-taxes/discussion/here-is-the-full-text-of-irs-instruction-item-m-if-you/01/462482#M17535 here is the full text of IRS instruction:&nbsp;&nbsp;Item M<BR />If you have contributed property with a built-in gain or loss during the tax year, the partnership will check the “Yes” box. Also, the partnership will attach a statement showing the property contributed, the date of the contribution, and the amount of any built-in gain or loss. A built-in gain or loss is the difference between the fair market value of the property and your adjusted basis in the property at the time it was contributed to the partnership. If you contributed more than 10 properties on a single date during the tax year, the statement may instead show the number of properties contributed on that date, the total amount of built-in gain, and the total amount of built-in loss.<BR />The partnership is providing this for your information. Contributions of property with a built-in gain or loss could affect a partner's tax liability (in matters concerning precontribution gain or loss, and distributions subject to section 737), and may also affect how the partnership allocated certain items on your Schedule K-1. For information on precontribution gain or loss, see the instructions for box 20, code W. For information on distributions subject to section 737, see the instructions for box 19, code B. Tue, 04 Jun 2019 23:36:02 GMT https://ttlc.intuit.com/community/business-taxes/discussion/here-is-the-full-text-of-irs-instruction-item-m-if-you/01/462482#M17535 boiscro 2019-06-04T23:36:02Z Thank you for the detailed information. https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-for-the-detailed-information/01/462493#M17536 Thank you for the detailed information.&nbsp;&nbsp; Tue, 04 Jun 2019 23:36:04 GMT https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-for-the-detailed-information/01/462493#M17536 bobvcm 2019-06-04T23:36:04Z Thanks very much! https://ttlc.intuit.com/community/business-taxes/discussion/thanks-very-much/01/462504#M17537 Thanks very much! Tue, 04 Jun 2019 23:36:05 GMT https://ttlc.intuit.com/community/business-taxes/discussion/thanks-very-much/01/462504#M17537 jwsestate 2019-06-04T23:36:05Z Thanks but.... https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462511#M17538 Thanks but.... <BR /> Tue, 04 Jun 2019 23:36:07 GMT https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462511#M17538 bldit 2019-06-04T23:36:07Z Thanks but.... https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462518#M17539 Thanks but.... <BR /> Tue, 04 Jun 2019 23:36:09 GMT https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462518#M17539 bldit 2019-06-04T23:36:09Z Thanks but.... https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462525#M17540 Thanks but.... <BR /> Tue, 04 Jun 2019 23:36:10 GMT https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462525#M17540 bldit 2019-06-04T23:36:10Z Thanks but.... https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462535#M17541 Thanks but.... <BR /> Tue, 04 Jun 2019 23:36:11 GMT https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462535#M17541 bldit 2019-06-04T23:36:11Z The built in Gail/Loss will have an impact when shares ar... https://ttlc.intuit.com/community/business-taxes/discussion/the-built-in-gail-loss-will-have-an-impact-when-shares-ar/01/462544#M17542 The built in Gail/Loss will have an impact when shares are sold.&nbsp;&nbsp;No impact on the 2018 return unless shares were sold between October 19th and December 31st. Tue, 04 Jun 2019 23:36:13 GMT https://ttlc.intuit.com/community/business-taxes/discussion/the-built-in-gail-loss-will-have-an-impact-when-shares-ar/01/462544#M17542 des779 2019-06-04T23:36:13Z bobcvn, I have same question.  Hope someone can answer:... https://ttlc.intuit.com/community/business-taxes/discussion/bobcvn-i-have-same-question-hope-someone-can-answer/01/462550#M17543 <P>bobcvn, I have same question.&nbsp; Hope someone can answer:</P><P></P><P>I am equally confused on the additional page Energy Transfer (ET) included in the Tax Package for the ETP to ET transfer. &nbsp;It is titled "Built In Gain/Built In (Loss) Statement." &nbsp;It states "On October 19th, 2018 you contributed your ETP units to Energy Transfer LP ("ET") in exchange for ET common units. &nbsp;An asset contribution to a partnership would result in a built in gain or (loss) to be recognized by the partner as the units are disposed. &nbsp;The tax basis reported below is based on information provided to the Partnership by you or your broker, or the amount used to determine your share of allocable gain or loss."..."This statement is provided by the Partnership to report the built in gain or built in (loss) generated by an investor's exchange of property for ET units."<BR /> Gives 3 entries: "Fair value of contributed ETP Units" and "Tax Basis of Contributed ETP Units" and "Built in Gain/Loss".<BR /> My question: &nbsp;Is this reportable on 2018 taxes or is this to be used when sold in future?</P> <BR /><P></P> Tue, 04 Jun 2019 23:36:14 GMT https://ttlc.intuit.com/community/business-taxes/discussion/bobcvn-i-have-same-question-hope-someone-can-answer/01/462550#M17543 gbern 2019-06-04T23:36:14Z I have the same question.  I do not see the answer,  has... https://ttlc.intuit.com/community/business-taxes/discussion/i-have-the-same-question-i-do-not-see-the-answer-has/01/462556#M17544 I have the same question.&nbsp;&nbsp;I do not see the answer,&nbsp;&nbsp;has anyone replied? Tue, 04 Jun 2019 23:36:15 GMT https://ttlc.intuit.com/community/business-taxes/discussion/i-have-the-same-question-i-do-not-see-the-answer-has/01/462556#M17544 jwsestate 2019-06-04T23:36:15Z Got an answer from Energy Transfer Partners: "The built i... https://ttlc.intuit.com/community/business-taxes/discussion/got-an-answer-from-energy-transfer-partners-the-built-i/01/462563#M17545 Got an answer from Energy Transfer Partners: <BR />"The built in gain schedule in the ET tax package is informational only.&nbsp;&nbsp;If you look on the K-1 itself, you'll see a Box "M" that asks whether or not property with a built in gain or loss was contributed the the partnership during the year.&nbsp;&nbsp;For all of the legacy ETP partners that held through the ETE/ETP transaction, the form of the transaction was a contribution into ETE by all of the public ETP partners of their ETP units (i.e. property and not cash) in exchange for ETE/ET units.&nbsp;&nbsp;Since virtually every ETP partner would have had a difference in the value of their respective ETP units versus their adjusted tax basis, virtually every partner is deemed to have contributed property (i.e. ETP units) with a built in gain or loss (i.e. the difference in the FV of the ETP units immediately before the transaction and the adjusted tax basis of the units).&nbsp;&nbsp;If Box "M" on the K-1 is checked "Yes" (which it should be for virtually every former ETP partner that participated in the ETE/ETP transaction), we are required to attach an informational statement to the K-1". Tue, 04 Jun 2019 23:36:17 GMT https://ttlc.intuit.com/community/business-taxes/discussion/got-an-answer-from-energy-transfer-partners-the-built-i/01/462563#M17545 gbern 2019-06-04T23:36:17Z In case you were wondering, the amounts reported as the b... https://ttlc.intuit.com/community/business-taxes/discussion/in-case-you-were-wondering-the-amounts-reported-as-the-b/01/462571#M17546 In case you were wondering, the amounts reported as the built in gain are based on the fair value of ET units received on the merger date (10/18/2018) -- approx $17.05/unit -- less your closing ETP partner&nbsp;&nbsp;capital account balance "withdrawal" (subtract any Box 19 distributions included in this amount) per Part II, section L on your K-1.&nbsp;&nbsp;This ETP withdrawal amount/ending ETP capital account is your adjusted basis in your new ET units.&nbsp;&nbsp;Continue reporting all ETP K-1 items using the separate schedule provided by ETP and ET in 2018, and ET in future years.&nbsp;&nbsp;All ETP Suspended losses will be recognized when you sell your ET units. Tue, 04 Jun 2019 23:36:18 GMT https://ttlc.intuit.com/community/business-taxes/discussion/in-case-you-were-wondering-the-amounts-reported-as-the-b/01/462571#M17546 boiscro 2019-06-04T23:36:18Z Thanks for the additional information. https://ttlc.intuit.com/community/business-taxes/discussion/thanks-for-the-additional-information/01/462579#M17547 Thanks for the additional information. Tue, 04 Jun 2019 23:36:19 GMT https://ttlc.intuit.com/community/business-taxes/discussion/thanks-for-the-additional-information/01/462579#M17547 gbern 2019-06-04T23:36:19Z I'm currently working on a tax return for a client that h... https://ttlc.intuit.com/community/business-taxes/discussion/i-m-currently-working-on-a-tax-return-for-a-client-that-h/01/807433#M31827 I'm currently working on a tax return for a client that has this same K-1 that everyone else has commented on.&nbsp;&nbsp;I just noticed that the "adjusted tax basis" on the Built in Gain (BIG) statement provided by the partnership is incorrect.&nbsp;&nbsp;On the Final K-1 that I have from ETP, the "withdrawal &amp; distributions" amount in Section L is less.&nbsp;&nbsp;The difference is the amount in Box 19A from the ETP's Final K-1, which is a partner distribution.&nbsp;&nbsp;This partner distribution is being taxed as a long-term capital gain on "excess distributions" because my client has no "basis" remaining in the ETP shares.&nbsp;&nbsp;This capital gain should not be included in the BIG amount if my client is already being taxed on this money on his 2018 return.&nbsp;&nbsp;Has anyone else noticed this? Tue, 11 Jun 2019 16:03:56 GMT https://ttlc.intuit.com/community/business-taxes/discussion/i-m-currently-working-on-a-tax-return-for-a-client-that-h/01/807433#M31827 bennythetaxman69 2019-06-11T16:03:56Z Re: I'm currently working on a tax return for a client that h... https://ttlc.intuit.com/community/business-taxes/discussion/re-i-m-currently-working-on-a-tax-return-for-a-client-that-h/01/814342#M31841 <P>This area of partnership tax is complicated and I am sure that the preparer of the tax return is a Big 4 Firm that has done this a time or two (or is at least reviewing the return).</P><P>Having said that, individuals make mistakes.&nbsp;</P><P>However, you are not comparing apples and apples between the two K-1's.&nbsp; When the "built-in gain" box is checked on a K-1, this is determined based on FMV at the date of contribution (where FMV is greater than adjusted tax basis) which will not agree with the "old" K-1 books and records.&nbsp; Essentially the assets were booked up as a result of this event.&nbsp; The preparer of the tax return will handle any Section 704(c) implications from this book up event and will run those through the "new" K-1 on line 1 (or appropriate line).</P> Sat, 15 Jun 2019 00:44:12 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-i-m-currently-working-on-a-tax-return-for-a-client-that-h/01/814342#M31841 Rick19744 2019-06-15T00:44:12Z Re: Energy Transfer Partners exchange https://ttlc.intuit.com/community/business-taxes/discussion/re-energy-transfer-partners-exchange/01/861475#M33706 <P>I'm a little late but I am working on my return. I've read the other messages but I am still a little confused. If I indicate that this is a "Final K-1", it then asks for what type of transaction on the K-1 worksheet. I am thinking that this is not a taxable sale which is not an option. I could put the purchase and sale dates (although it doesn't seem to be a taxable sale), the proceeds and then use the proceeds as the basis in order not to trigger gain or loss.&nbsp;</P><P>Am I doing this right or is there another method?</P> Tue, 08 Oct 2019 21:12:47 GMT https://ttlc.intuit.com/community/business-taxes/discussion/re-energy-transfer-partners-exchange/01/861475#M33706 sansouci 2019-10-08T21:12:47Z
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topic Thank you for the detailed information. in Business & farm
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https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-for-the-detailed-information/01/462493#M17536
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Thank you for the detailed information.&nbsp;&nbsp;
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<pubDate>Tue, 04 Jun 2019 23:36:04 GMT</pubDate>
<dc:creator>bobvcm</dc:creator>
<dc:date>2019-06-04T23:36:04Z</dc:date>
<item>
<title>
What is the 'build-in gain/loss impact of Energy Transfer LP (ET) acquiring Energy Transfer Partners LP (ETP) to individual shareholders?
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/what-is-the-build-in-gain-loss-impact-of-energy-transfer-lp-et-acquiring-energy-transfer-partners-lp/01/462452#M17527
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<dc:date>2019-06-04T23:35:56Z</dc:date>
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<title>
Is this to be reported on 2018 taxes?  Additional forms n...
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https://ttlc.intuit.com/community/business-taxes/discussion/is-this-to-be-reported-on-2018-taxes-additional-forms-n/01/462460#M17529
</link>
<description>
Is this to be reported on 2018 taxes?&nbsp;&nbsp;Additional forms needed?&nbsp;&nbsp;Where to enter info?
</description>
<pubDate>Tue, 04 Jun 2019 23:35:57 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/is-this-to-be-reported-on-2018-taxes-additional-forms-n/01/462460#M17529
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<dc:creator>jwsestate</dc:creator>
<dc:date>2019-06-04T23:35:57Z</dc:date>
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<title>
I don't believe so, assuming you still owned ET at 12/31/...
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https://ttlc.intuit.com/community/business-taxes/discussion/i-don-t-believe-so-assuming-you-still-owned-et-at-12-31/01/462474#M17534
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<description>
I don't believe so, assuming you still owned ET at 12/31/2018 ... see IRS Partner's Instructions for Schedule K-1 (Form 1065), Part I, item M (checked yes on my ET K-1).&nbsp;&nbsp;Since no box 20, code W, and no "distributions subject to section 737, see the instructions for box 19, code B", on my ET K-1, it appears this statement is FYI only, for use at some future date when you dispose of your ET units.
</description>
<pubDate>Tue, 04 Jun 2019 23:35:59 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/i-don-t-believe-so-assuming-you-still-owned-et-at-12-31/01/462474#M17534
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<dc:creator>boiscro</dc:creator>
<dc:date>2019-06-04T23:35:59Z</dc:date>
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<title>
here is the full text of IRS instruction:  Item M If you...
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<link>
https://ttlc.intuit.com/community/business-taxes/discussion/here-is-the-full-text-of-irs-instruction-item-m-if-you/01/462482#M17535
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<description>
here is the full text of IRS instruction:&nbsp;&nbsp;Item M<BR />If you have contributed property with a built-in gain or loss during the tax year, the partnership will check the “Yes” box. Also, the partnership will attach a statement showing the property contributed, the date of the contribution, and the amount of any built-in gain or loss. A built-in gain or loss is the difference between the fair market value of the property and your adjusted basis in the property at the time it was contributed to the partnership. If you contributed more than 10 properties on a single date during the tax year, the statement may instead show the number of properties contributed on that date, the total amount of built-in gain, and the total amount of built-in loss.<BR />The partnership is providing this for your information. Contributions of property with a built-in gain or loss could affect a partner's tax liability (in matters concerning precontribution gain or loss, and distributions subject to section 737), and may also affect how the partnership allocated certain items on your Schedule K-1. For information on precontribution gain or loss, see the instructions for box 20, code W. For information on distributions subject to section 737, see the instructions for box 19, code B.
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<pubDate>Tue, 04 Jun 2019 23:36:02 GMT</pubDate>
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<dc:creator>boiscro</dc:creator>
<dc:date>2019-06-04T23:36:02Z</dc:date>
</item>
<item>
<title>Thank you for the detailed information.</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-for-the-detailed-information/01/462493#M17536
</link>
<description>
Thank you for the detailed information.&nbsp;&nbsp;
</description>
<pubDate>Tue, 04 Jun 2019 23:36:04 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/thank-you-for-the-detailed-information/01/462493#M17536
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<dc:creator>bobvcm</dc:creator>
<dc:date>2019-06-04T23:36:04Z</dc:date>
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<title>Thanks very much!</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-very-much/01/462504#M17537
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<description>Thanks very much!</description>
<pubDate>Tue, 04 Jun 2019 23:36:05 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-very-much/01/462504#M17537
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<dc:creator>jwsestate</dc:creator>
<dc:date>2019-06-04T23:36:05Z</dc:date>
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<title>Thanks but....</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462511#M17538
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<description>Thanks but.... <BR /></description>
<pubDate>Tue, 04 Jun 2019 23:36:07 GMT</pubDate>
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https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462511#M17538
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<dc:creator>bldit</dc:creator>
<dc:date>2019-06-04T23:36:07Z</dc:date>
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<title>Thanks but....</title>
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https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462518#M17539
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<description>Thanks but.... <BR /></description>
<pubDate>Tue, 04 Jun 2019 23:36:09 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462518#M17539
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<dc:creator>bldit</dc:creator>
<dc:date>2019-06-04T23:36:09Z</dc:date>
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<title>Thanks but....</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462525#M17540
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<description>Thanks but.... <BR /></description>
<pubDate>Tue, 04 Jun 2019 23:36:10 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462525#M17540
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<dc:creator>bldit</dc:creator>
<dc:date>2019-06-04T23:36:10Z</dc:date>
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<title>Thanks but....</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462535#M17541
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<description>Thanks but.... <BR /></description>
<pubDate>Tue, 04 Jun 2019 23:36:11 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-but/01/462535#M17541
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<dc:creator>bldit</dc:creator>
<dc:date>2019-06-04T23:36:11Z</dc:date>
</item>
<item>
<title>
The built in Gail/Loss will have an impact when shares ar...
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/the-built-in-gail-loss-will-have-an-impact-when-shares-ar/01/462544#M17542
</link>
<description>
The built in Gail/Loss will have an impact when shares are sold.&nbsp;&nbsp;No impact on the 2018 return unless shares were sold between October 19th and December 31st.
</description>
<pubDate>Tue, 04 Jun 2019 23:36:13 GMT</pubDate>
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https://ttlc.intuit.com/community/business-taxes/discussion/the-built-in-gail-loss-will-have-an-impact-when-shares-ar/01/462544#M17542
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<dc:creator>des779</dc:creator>
<dc:date>2019-06-04T23:36:13Z</dc:date>
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<title>
bobcvn, I have same question.  Hope someone can answer:...
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<link>
https://ttlc.intuit.com/community/business-taxes/discussion/bobcvn-i-have-same-question-hope-someone-can-answer/01/462550#M17543
</link>
<description>
<P>bobcvn, I have same question.&nbsp; Hope someone can answer:</P><P></P><P>I am equally confused on the additional page Energy Transfer (ET) included in the Tax Package for the ETP to ET transfer. &nbsp;It is titled "Built In Gain/Built In (Loss) Statement." &nbsp;It states "On October 19th, 2018 you contributed your ETP units to Energy Transfer LP ("ET") in exchange for ET common units. &nbsp;An asset contribution to a partnership would result in a built in gain or (loss) to be recognized by the partner as the units are disposed. &nbsp;The tax basis reported below is based on information provided to the Partnership by you or your broker, or the amount used to determine your share of allocable gain or loss."..."This statement is provided by the Partnership to report the built in gain or built in (loss) generated by an investor's exchange of property for ET units."<BR /> Gives 3 entries: "Fair value of contributed ETP Units" and "Tax Basis of Contributed ETP Units" and "Built in Gain/Loss".<BR /> My question: &nbsp;Is this reportable on 2018 taxes or is this to be used when sold in future?</P> <BR /><P></P>
</description>
<pubDate>Tue, 04 Jun 2019 23:36:14 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/bobcvn-i-have-same-question-hope-someone-can-answer/01/462550#M17543
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<dc:creator>gbern</dc:creator>
<dc:date>2019-06-04T23:36:14Z</dc:date>
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<title>
I have the same question.  I do not see the answer,  has...
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https://ttlc.intuit.com/community/business-taxes/discussion/i-have-the-same-question-i-do-not-see-the-answer-has/01/462556#M17544
</link>
<description>
I have the same question.&nbsp;&nbsp;I do not see the answer,&nbsp;&nbsp;has anyone replied?
</description>
<pubDate>Tue, 04 Jun 2019 23:36:15 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/i-have-the-same-question-i-do-not-see-the-answer-has/01/462556#M17544
</guid>
<dc:creator>jwsestate</dc:creator>
<dc:date>2019-06-04T23:36:15Z</dc:date>
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<item>
<title>
Got an answer from Energy Transfer Partners: "The built i...
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<link>
https://ttlc.intuit.com/community/business-taxes/discussion/got-an-answer-from-energy-transfer-partners-the-built-i/01/462563#M17545
</link>
<description>
Got an answer from Energy Transfer Partners: <BR />"The built in gain schedule in the ET tax package is informational only.&nbsp;&nbsp;If you look on the K-1 itself, you'll see a Box "M" that asks whether or not property with a built in gain or loss was contributed the the partnership during the year.&nbsp;&nbsp;For all of the legacy ETP partners that held through the ETE/ETP transaction, the form of the transaction was a contribution into ETE by all of the public ETP partners of their ETP units (i.e. property and not cash) in exchange for ETE/ET units.&nbsp;&nbsp;Since virtually every ETP partner would have had a difference in the value of their respective ETP units versus their adjusted tax basis, virtually every partner is deemed to have contributed property (i.e. ETP units) with a built in gain or loss (i.e. the difference in the FV of the ETP units immediately before the transaction and the adjusted tax basis of the units).&nbsp;&nbsp;If Box "M" on the K-1 is checked "Yes" (which it should be for virtually every former ETP partner that participated in the ETE/ETP transaction), we are required to attach an informational statement to the K-1".
</description>
<pubDate>Tue, 04 Jun 2019 23:36:17 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/got-an-answer-from-energy-transfer-partners-the-built-i/01/462563#M17545
</guid>
<dc:creator>gbern</dc:creator>
<dc:date>2019-06-04T23:36:17Z</dc:date>
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<title>
In case you were wondering, the amounts reported as the b...
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<link>
https://ttlc.intuit.com/community/business-taxes/discussion/in-case-you-were-wondering-the-amounts-reported-as-the-b/01/462571#M17546
</link>
<description>
In case you were wondering, the amounts reported as the built in gain are based on the fair value of ET units received on the merger date (10/18/2018) -- approx $17.05/unit -- less your closing ETP partner&nbsp;&nbsp;capital account balance "withdrawal" (subtract any Box 19 distributions included in this amount) per Part II, section L on your K-1.&nbsp;&nbsp;This ETP withdrawal amount/ending ETP capital account is your adjusted basis in your new ET units.&nbsp;&nbsp;Continue reporting all ETP K-1 items using the separate schedule provided by ETP and ET in 2018, and ET in future years.&nbsp;&nbsp;All ETP Suspended losses will be recognized when you sell your ET units.
</description>
<pubDate>Tue, 04 Jun 2019 23:36:18 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/in-case-you-were-wondering-the-amounts-reported-as-the-b/01/462571#M17546
</guid>
<dc:creator>boiscro</dc:creator>
<dc:date>2019-06-04T23:36:18Z</dc:date>
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<item>
<title>Thanks for the additional information.</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-for-the-additional-information/01/462579#M17547
</link>
<description>Thanks for the additional information.</description>
<pubDate>Tue, 04 Jun 2019 23:36:19 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/thanks-for-the-additional-information/01/462579#M17547
</guid>
<dc:creator>gbern</dc:creator>
<dc:date>2019-06-04T23:36:19Z</dc:date>
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<item>
<title>
I'm currently working on a tax return for a client that h...
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/i-m-currently-working-on-a-tax-return-for-a-client-that-h/01/807433#M31827
</link>
<description>
I'm currently working on a tax return for a client that has this same K-1 that everyone else has commented on.&nbsp;&nbsp;I just noticed that the "adjusted tax basis" on the Built in Gain (BIG) statement provided by the partnership is incorrect.&nbsp;&nbsp;On the Final K-1 that I have from ETP, the "withdrawal &amp; distributions" amount in Section L is less.&nbsp;&nbsp;The difference is the amount in Box 19A from the ETP's Final K-1, which is a partner distribution.&nbsp;&nbsp;This partner distribution is being taxed as a long-term capital gain on "excess distributions" because my client has no "basis" remaining in the ETP shares.&nbsp;&nbsp;This capital gain should not be included in the BIG amount if my client is already being taxed on this money on his 2018 return.&nbsp;&nbsp;Has anyone else noticed this?
</description>
<pubDate>Tue, 11 Jun 2019 16:03:56 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/i-m-currently-working-on-a-tax-return-for-a-client-that-h/01/807433#M31827
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<dc:creator>bennythetaxman69</dc:creator>
<dc:date>2019-06-11T16:03:56Z</dc:date>
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<item>
<title>
Re: I'm currently working on a tax return for a client that h...
</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/re-i-m-currently-working-on-a-tax-return-for-a-client-that-h/01/814342#M31841
</link>
<description>
<P>This area of partnership tax is complicated and I am sure that the preparer of the tax return is a Big 4 Firm that has done this a time or two (or is at least reviewing the return).</P><P>Having said that, individuals make mistakes.&nbsp;</P><P>However, you are not comparing apples and apples between the two K-1's.&nbsp; When the "built-in gain" box is checked on a K-1, this is determined based on FMV at the date of contribution (where FMV is greater than adjusted tax basis) which will not agree with the "old" K-1 books and records.&nbsp; Essentially the assets were booked up as a result of this event.&nbsp; The preparer of the tax return will handle any Section 704(c) implications from this book up event and will run those through the "new" K-1 on line 1 (or appropriate line).</P>
</description>
<pubDate>Sat, 15 Jun 2019 00:44:12 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/re-i-m-currently-working-on-a-tax-return-for-a-client-that-h/01/814342#M31841
</guid>
<dc:creator>Rick19744</dc:creator>
<dc:date>2019-06-15T00:44:12Z</dc:date>
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<item>
<title>Re: Energy Transfer Partners exchange</title>
<link>
https://ttlc.intuit.com/community/business-taxes/discussion/re-energy-transfer-partners-exchange/01/861475#M33706
</link>
<description>
<P>I'm a little late but I am working on my return. I've read the other messages but I am still a little confused. If I indicate that this is a "Final K-1", it then asks for what type of transaction on the K-1 worksheet. I am thinking that this is not a taxable sale which is not an option. I could put the purchase and sale dates (although it doesn't seem to be a taxable sale), the proceeds and then use the proceeds as the basis in order not to trigger gain or loss.&nbsp;</P><P>Am I doing this right or is there another method?</P>
</description>
<pubDate>Tue, 08 Oct 2019 21:12:47 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/business-taxes/discussion/re-energy-transfer-partners-exchange/01/861475#M33706
</guid>
<dc:creator>sansouci</dc:creator>
<dc:date>2019-10-08T21:12:47Z</dc:date>
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