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Energy Transfer Equity, L.P. Message Board

  • jrad52 jrad52 Mar 15, 2013 10:18 PM Flag

    K-1 is out

    And I suspect there aren't 5 people in the US who input the stupid ETE K-1 correctly unless they bought and sold everything in the same year, and don't directly own any units in the underlying MLPs. I think it's tied with EPD for the most complicated K-1 out there. Maybe ATLS will get there, too, but I don't own ATLS. And I haven't seen my K-1 from EPD yet. So ETE takes the cake for complexity so far.

    As long as I never sell and the tax law doesn't change, I guess I'm OK.

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    • At what ownership level are you concerned about filing non resident state income tax returns? I have 2500 units of ETE that I purchased in 2012.

      • 1 Reply to jak1273
      • Look at the state schedule for all your K-1s.
        Is there any state in which you had a significant amount of positive income?
        If the numbers are all negative then clearly you don't have to file.
        And if they are positive but very small then you also probably don't meet state filing thrssholds.
        Keep in mind that about 10 states have no state income tax.

    • Good post as I am kind of confused on this K-1 as well. I have a question (I know you probably aren't a tax advisor,,,,,don't care). Are we required to file seperate k-1's for ETE, ETP, RGP, APU, SXL if we are unitholders of just ETE?

      • 2 Replies to rontom_stl
      • Actually jrad is a tax advisor and, based on his posts, a very good one.

        This comment is really directed to jrad:
        I haven't seen an ETE K-1 however I am familiar with the typical EPD K-1, so I have an idea.
        I understand that they should all be entered separately, but it really does become complicated if you own the other components individually and need to think about passive loss implications.
        But my point is this: doesn't the IRS only get copies of the main page of the K-1 (boxes 1-20). My understanding is they don't even get the sales schedule (correct?) let alone all the attachments breaking down into 'sub-MLPs'. So how could they possibly know - furthermore if their computers try to match what you declare against the K-1 copies they get, will it not cause discrepancy if you declare things the proper way, considering that the IRS only sees the consolidated (wrong) boxes 1-20.
        I thought about that a few years ago and for my EPD K-1 decided I'd just do it the wrong way and enter boxes 1-20 as they are given on the main page of the K-1. Hard to imagine that you'd get in trouble for declaring exactly the boxes as provided on the K-1 from EPD, even if the small print does say that those numbers are not correct as consolidated numbers. Seems pretty ridiculous to provide all those numbers on the K-1 and then add a footnote saying that the numbers should not be used.

      • I don't know what tax software package you use, so it might be different for you.

        In my software, I can enter different activities for each partnership, so I input the ETP, etc as a separate activity of ETE. You should get the same result by entering them all as separate K-1s.

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