Roger, you wrote the following (to whom I don't know because the Yahoo reply system is a swamp): "If you own any LINE, which I don't think you do, look at Line 13J. Now go back and add up all the 13J from prior years. When you sell, every penny of that reverses and becomes UBTI."
Are you saying that the cumulative K-1 Line 13Js are the complete recapture for UBTI in an IRA sale? Or does this line get added to depletion, and/or intangible drilling costs, and and/or depreciation for the total amount of UBTI recapture? Or something else?
Sorry, Ron this new Yahoo! format does not lead to very efficient means of following threads. I didn't see your post.
My comment was directed to Norris, but it was for anyone who has Linn in an IRA.
When I contacted Linn Tax Support, they e-mailed, and I confirmed, that; recapture is 100% UBTI upon sale of the units. Now, there might be other line items on the K-1 that would be included but Line 13J is certainly one of hem.
Yo, rlp! You made a significant assertion but haven't replied to my question seeking clarification. At a minimum can you cite an authoritative source (an IRS citation would be best) for the Line 13J contention?
As I sit back and see and read some of these threads such as this one, it makes me wonder. Why not just go ask an accountant/tax preparer if you wish to receive the correct answer. It is quite obvious know one can agree. Which is par on a subject such as this. As a certain numbnuts said don't worry about the IRS they won't come after you. Famous last words by so many.