Help filling out Sale Information for Final K-1

[mellynlee]

OK, for the AMT Gain/Loss column:

I added 372 to the partnership basis (56806) = 57178

I subtracted 372 from the Ordinary Gain (3602) = 3230 (Note: This was what I was told to do on my other K-1, so am assuming that is correct?)

So now the Sale Information page looks like:

Sale Info with new AMT

It did not make a difference to my taxes, and both the Regular Gain/Loss and AMT Gain/Loss are both still equal to 4567.

Thank you!

[mellynlee]

@Rick19744 Can you please verify if what I posted looks correct? Thank you!

[Rick19744]

It does look correct.

The regular component matches what I was expecting as noted in an earlier post.

The AMT component also looks correct.

Selling Price $55,841

AMT Cost Basis $57,178

AMT Loss $1,337

Add in the AMT Section 751 component of $3,230 + $1,337 =$4,567.00 

Plus you are most likely not paying AMT, so the end result should not change.

[mellynlee]

@Rick19744 Thank you! Are you saying that I should add the following line to my Section 751 Statement?

AMT Loss on Sale: $4567

Besides our names, and social security numbers, the following info is currently on the Section 751 Statement:

Sale Dates: 07/29/24 and 07/30/24

Partnership Name: Suburban Propane Partners, L.P.

EIN: 22-3410353

Gain on sale attributable to Section 751 property: $3602

Capital loss on sale: $4567

[Rick19744]

No.  Not necessary.

[icefyre123]

Was wondering what you meant by:

• Make sure you don't double up on the disposition component

Can you explain how you would go about this please?

[MarilynG1]

If all your shares were held long term, or short term, then you can just follow the prompts in the K-1 interview section.  It will put everything in the right place, AND it will create a 1099-B for the cap gain/loss portion of the sale.  I emphasize the "AND" because this is a problem if you also imported the 1099-B from your broker for this sale.  In that case, you'd either want to delete the imported 1099-B, or set the cost equal to the proceeds so that there's no double-counting of gains.

Here's a discussion  with more info on Reporting K-1 and 1099-B.

@icefyre123