Why does the Supplemental K-1 Statement give info on other MLPs?
Of the Energy Transfer related companies, I own ETP and ETE only. So why does the Supplemental K-1 Information Statement for ETP show amounts for APU and SXL as well? And the Statement for ETE shows amounts for ETE, ETP, RGP, APU and SXL. I just ignor those other partnership's numbers, right?
You also really need to set up a seperate schedule for the units related to ETP, that way any passive loss carried forward from the subsidiary units can be taken later when you sell your ETP units. The gain from SXL is taxable and reportable now.
It's been discussed here already (also on the EPD board where a similar situation exists).
You DO indirectly own all those other MLPs since ETE/ETP holds them.
The K-1 instructions tell you what to do with them (and it doesn't say ignore them).
The correct solution is to create/declare 1 sub-K-1 for each of those other MLPs and to keep things understandable keep the ETE sub-MLPs separate from your direct holdings in the same entity.
Further explanation in recent posts on the ETE/ETP and EPD boards.
Liza and Arbtrdr, thanks for the input. For me, this is a lot of accounting work for very little dollars. I am probably the only MLP investor who doesn't use Turbo Tax. I am very reluctant to trust a blackbox for the end product. I'll keep the IRS happy somehow, and save all my K-1's in a big box in case the day ever comes when I want to track all these numbers.