BBEP is still my largest holding % wise in my portfolio, but I had to take a little profit with the run up over the past 5 days. Anyone else trim their position a little..or is everyone holding?
Thanks! Found the reference to PSHONORE on the Line Energy board. His clarification was referenced right out of the K-1 tax manual. Appreciate the comment. Saves me considerably on my 2008 Fed, which I have an extension on at this point.
More comment. Thanks for the point. I guess I better check with the MLP general partner on this point. I don't recall seeing this in the K-1 instructions received with the statement, but this is a critical point. For me, big tax dollars at stake for 2008. Happened to have filed an extension for other reasons so will get back into this point. Thanks for raising it and if you have any references, would appreciate them. Thanks again for the prompt.
My initial thought was that EVEP has pretty good forward hedges and if its credit line was that close, BBEP could have some issues.
BBEP gave some guidance on capex this year which was really cut to the bone, so it may be planning on some cash flow going to debt reduction. Its reserves were cut due to year end prices as I recall, so many things are lined up for some credit line disappointment.
EVEP just confirmed reevaluation of their cedit line. Don't know what the old one was so am not sure if this is good news or not- looks like they are nearly maxed out which is not such a good thing. Did you hae any thoughts on the pr yesterday? tia
Hey Cato. I guess we learned that at about the same time thanks to a good LINE poster, phonore. That was a great thing to be corrected about. It is amazing how much there has been to learn about MLP taxation.
"Also as you know you can't deduct the accumulated passive losses from line 1 until you dispose of all units."
I think this was addressed elsewhere. This is what I used to think, but it's not correct.
You CAN deduct the accumulated over passive losses up to the amount of income. You can't deduct them beyond that until you sell all the units.