About gbern

gbern · ‎April 3, 2020

Not sure where I printed it from, but was in Turbo Tax explanation regarding "Liquidation Distributions": "When a corporation, ....undergoes a partial or or complete liquidation, you may get a cash ...distribution. An amount designated as a cash....distribution is often not taxable, but instead reduces your basis in the stock you own. If a cancellation of stock occurs from a liquidation, a loss can be claimed the year the final distribution is received if total distributions are less than the basis. When you sell the stock, your cost basis for figuring gain or loss is reduced by any distributions you received. However, in the following cases the distribution is taxable and you need to report the distribution as a liquidation sale in the Investment Income section of TurboTax: - Your cost basis in the stock is zero. -Your cost basis is less than the distribution amount. (This is my case as bought it long time ago. So I will be showing Capital Gain for 2019 year. -This liquidation is a final distribution from the company." (And assume another Capital Gain when they give the final distribution next year???)

gbern · ‎June 6, 2019

Turbo Tax Premier asks for ETP "Choose how you disposed of this partnership? "No Entry" or "Complete disposition" or "Disposition was not via a sale"....if I choose "was not via a sale" or "Complete Dispositon" I still have to put in sale amounts, etc. which there were none. If I choose on the K-1 "Final/Amended K-1", should I check box "The Partnership was discontinued during 2018"? Totally at a loss as how to end the ETP K-1 properly. Also, I have suspended previous year passive activity losses on the ETP which are lost? transferred to ET? How do I do this?

gbern · ‎June 4, 2019

Thanks for the additional information.

gbern · ‎June 4, 2019

Got an answer from Energy Transfer Partners: "The built in gain schedule in the ET tax package is informational only. 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. 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. 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). 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".

gbern · ‎June 4, 2019

bobcvn, I have same question. Hope someone can answer: I am equally confused on the additional page Energy Transfer (ET) included in the Tax Package for the ETP to ET transfer. It is titled "Built In Gain/Built In (Loss) Statement." It states "On October 19th, 2018 you contributed your ETP units to Energy Transfer LP ("ET") in exchange for ET common units. 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. 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." Gives 3 entries: "Fair value of contributed ETP Units" and "Tax Basis of Contributed ETP Units" and "Built in Gain/Loss". My question: Is this reportable on 2018 taxes or is this to be used when sold in future?

gbern · ‎June 4, 2019

Hoping someone can comment on this issue: I am equally confused on the additional page Energy Transfer (ET) included in the Tax Package for the ETP to ET transfer. It is titled "Built In Gain/Built In (Loss) Statement." It states "On October 19th, 2018 you contributed your ETP units to Energy Transfer LP ("ET") in exchange for ET common units. 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. 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." Gives 3 entries: "Fair value of contributed ETP Units" and "Tax Basis of Contributed ETP Units" and "Built in Gain/Loss". My question: Is this reportable on 2018 taxes or is this to be used when sold in future?

gbern · ‎June 3, 2019

Ann Marie, I'm as lost as you are about how to enter in a Gain/Loss spreadsheet. At this point all I know is the total "Gain/Loss" of my ETP now ET units that were given on the ET additional statement. If you figure it out, please share. At least I got my taxes done!

gbern · ‎June 3, 2019

Got the answer from Energy Transfer in written form and on the telephone): "The built in gain schedule in the ET tax package is informational only. 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 to the partnership during the year. 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. 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 build 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). 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 tranasaction), we are required to attach an informational statement to the K-1."

gbern · ‎June 3, 2019

I have similar question: I am equally confused on the additional page Energy Transfer (ET) included in the Tax Package for the ETP to ET transfer. It is titled "Built In Gain/Built In (Loss) Statement." It states "On October 19th, 2018 you contributed your ETP units to Energy Transfer LP ("ET") in exchange for ET common units. 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. 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." Gives 3 entries: "Fair value of contributed ETP Units" and "Tax Basis of Contributed ETP Units" and "Built in Gain/Loss". My question: Is this reportable on 2018 taxes or is this to be used when sold in future?

gbern · ‎June 1, 2019

I got an answer from ET regarding my question above: Got the answer from Energy Transfer in written form and on the telephone): "The built in gain schedule in the ET tax package is informational only. 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 to the partnership during the year. 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. 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 build 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). 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 tranasaction), we are required to attach an informational statement to the K-1."

Date Registered	‎April 5, 2019 12:53 PM
Date Last Visited	‎April 12, 2020 8:27 PM
Total Messages Posted	11
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