Enterprise Products Partners L.P. Message Board

Regency has a 1 in Ordinary business income, so is not really all zeros. Looks like ETE is, however.

What happens if you don't enter a separate K-1 for each entity, but rather sum the values in one TurboTax K-1 entry for EPD? It seems that the values reported on the EPD K-1 are sums of the parts that are broken down on the Supplemental K-1 Info Statement.

Received mine in the mail today...

ROFLMAO!!!!

I estimate it to be 4-26 or 4-29.

Your right. Should have entered CPNO.

ETP did not mail their out "weeks" ago. It was about March 15th. Then ETE was able to complete their K-1 and finally EPD used all that data to complete theirs. As to COP, what does that have to do with MLPs. Conoco Phillips is not either a MLP or a partnership. You certainly have issues.

ARB

Yes, and so I am forced to go to a different reply and reply to that which of course screws up the whole continuity of the thread.

Hist obviously doesn't know what they're talking about. I didn't look at the K1 support site. ETP and COP had mailed theirs weeks ago.

It worked for me.....

deb - I recently received such a step up in basis. Ken is correct in his literal interpretation of the IRS tax code relating to MLPs but the reality is often something very different.

I do think that this is an area with the steady expansion of MLPs where we will be getting some clarification and new and clearer rules. Currently the IRS people basically have no clue as to what is up.

Gobayby...thanks for your reply. Like I said, the Seeking Alpha guy probably has it wrong because when my Mom died I received the stepped up basis (from EPD on K-1 schedule) for her EPD shares and I continued to buy EPD afterwards. I know the tax issues are complex and like Obamacare probably the majority of folks don't understand it. Thanks again!

Sentiment: Hold

Ownership of MLP "units" are treated the same as shares in a corporation.They are both capital assets and receive a step-up in basis in the beneficiary's hands. They also receive long term status, (if that matters at the time). You are correct about income instruments: annuities, pensions, etc. I don't know what you are referring to as "recapture". Any strange, goofy tax items, whether income or deductions will be passed through to you on your K-!.

Regards,

Gobayby

Yup. ARB

Hrtenps obviously cannot read the information at the K-1 support site.

It is truly unfortunate that people do not get the difficulty in getting out a K-1 when you own or owned parts of other companies.

SXL and APU had to complete their K-1 info before ETP could complete theirs.

Then ETP had to complete their K-1 before ETE could do their report.

Finally with the data from EPD and combining the data from the others EPD could finally get their K-1 data out.

A question to hrtenps - When did you get your final corrected 1099B from your broker? Since they were not sent out until 3/15, you could not have had it more than a few days. What is your complaint? Will you complain next year when EPD will get its K-1 out approximately March 1st that you are waiting for the other K-1s and your broker statement?