CAPITAL GAINS: NO GAIN: CHANGE OF NAME FROM BLACKSTONE GROUP L P TO BLACKSTONE GROUP INC

[dogsasha]

WHAT FORM DO I USE TO SHOW CHANGE OF NAME

FROM BLACKSTONE GROUP L P     SELL 544 SHARES  $27,991.74

TO BLACKSTONE GROUP INC          EXCHANGE 1,024 SHARES   $27,991.74

[DavidD66]

If this was reported on Form 1099-B, then to report it in TurboTax by:

• Click on "Search"
• Type "1099-B" in the search window and hit "Enter"
• Click on "Jump to 1099-b"
• Answer "Yes" to Did you sell any investments in 2018?
• Answer "Yes" to "Did you get a 1099-B or a brokerage statement for these sales?"
• You can either download your 1099-B information or Enter it yourself. 

TurboTax will guide you through the rest of the process of reporting your investment sales.

If it was not reported on Form 1099-B, then you don't need to report it.

[sbeards]

As a follow up to the question: After the name change we sold all our shares, except for 300 shares at the end of 2019. We then bought additional shares. Since we did not sell all the holdings as of 12/31/19, on TT we can't enter that the partnership ended until we sell the 300 shares, right? According to the K-1 instructions, any passive loss carry forwards can only be taken once the total shares held while Blackstone was a LTD are sold entirely.

We the sold the 300 shares recently in 2020, so that means for our 2020 taxes I will need to enter a K-1 for Blackstone showing that we ended the partnership, even though Blackstone will not be sending a K-1 for 2020. 

Am I approaching this correctly?

[DianeC958]

If you received a K-1 for the partnership and you sold your piece of the partnership in 2019, the K-1 you received would have a check mark in the box, Final K-1.  Since you still own shares at the end of 2019, you have not sold your piece of the partnership completely.

If you still own part of the partnership in 2020, you will still receive a K-1 for 2020, until you completely sell your piece of the partnership.  Once the K-1 you receive is marked Final K-1, then you can take any suspended carryover losses.

@sbeards

[sbeards]

Even though we owned 300 shares at the end of 2019, the K-1 2019 does have the box checked stating Final K-1, in addition the first page states this will be the final K-1. Turns out we don't have any carry loss forward from this. So, comes back to the question on TT do I state all shares were disposed of, since all of them were exchanged for corporate common stock and all future G/L will be reported on a 1099.

Another question, which I may have missed last year: On the 2019 supplemental Schedule Page 2, it shows your share of Qualified dividends on box 6b was $32, whereas on the total showing on the main K-1 page has box 6b totaling to $267. The same goes for Box 11I5, 13H, 6A, etc. the 2nd page of the schedule has several entries stating our amount is less than what is shown on main K-1 page. Do I just enter the main page entries or make the adjustments stated on page 2. What a nightmare. 🙂

[Dan954]

Let’s back it up a bit. I’m not a tax prefessional, but this is my understanding of how we’re supposed to be dealing with BX:

On 7/1/2019, BX converted from an MLP to an equity stock. So, If you held any BX before that date, you got a final K1 for those MLP shares. Anything you do after 7/1/2019 will be just like any other equity stock transaction. Any sales, purchases, etc. will be reflected in the 1099-B. As far as TT is concerned, you did a total disposition of your BX shares on 07/01/2019. And, this is where I am guessing…. in the interview, you enter zero cost basis and zero proceeds, so that there is no tax consequence for this conversion.

 My Supplemental Schedule shows the lower number as "Foreign Qualified Dividends  6b", so using your numbers: 267 - 32 (foreign) = 235 (US). Good luck. Glad they converted to a regular equity… their K1s always seemed so much more confusing than others.