Does share of Nonrecourse liabilities affect basis?
Basic question - by buying DEP or EPD stock/units, do I have any money not at risk? If so, how do I correctly determine the amount not at risk, using the info on K-1?
This is my first year trying to do the K-1s with DEP and EPD (I was a previous DEP owner). I have spent 10+ hours trying to figure this out which is ridiculous.
Anyway, I think I have most of it ready but have a question when determining the amounts I have not "at risk".
Form 6198 line 9 implies that nonrecourse loans affect your basis in that you decrease by any changes in these amounts.
If someone has a straightforward way of transferring these K-1s (especially with the merger complexity) onto a 1040, please share a link. If I knew it was this complicated, I would have sold out a while ago into a non-MLP company. Now I'll be stuck for tax year 2012 as well.