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Crestwood Midstream Partners LP Message Board

  • marklibera marklibera Mar 6, 2014 7:45 PM Flag

    K-1 and taxes

    Anyone enter their K-1 info from the old CMLP yet? My brokerage firm reported the amount that we received in the merger and showed no gain on my 1099-B (i.e. the sales price equaled the cost basis). CMLP did not supply a sales schedule. The disclosure in the proxy statement seemed to indicate that there would be some gain and some ordinary income to report as a result of the merger. My question is what happens to my suspended losses. I don't think I can carry them over to the "new" CMLP.

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    • I am indeed transferring my suspended losses over from old CMLP to new CMLP.
      Seems reasonable to me, why should those suspended losses be lost.
      They will be valuable in future.

      • 2 Replies to lizahuang54321
      • Thank you for the info and discussions. I see the big combo form form is marked as a final K-1. So I was wondering if the old CMLP numbers from the singular CMLP would get added to the old NRGY K1 and the CMLP from the combo and that 3-way combo would be marked final. I don't know at all, so nobody should assume that I am doing more than mulling things over at this point.

        Then the new combo, which includes
        CEQP (NRGY) 1/1/2013 - 12/31/2013
        CMLP (NRGM) (1/1/2013 - 12/31/2013)
        CMLP (6/19/2013 - 10/7/2013)
        SPH (1/1/2013 - 12/31/2013)

        Would have a brand new CMLP K-1 and the others would go wherever. Makes my head hurt. I am not looking forward to this, so don't be hesitant to over-simplify. It makes the old EPD situation look relatively simple.

      • Liza, at first I thought that since the legacy CMLP partnership ended that the suspended losses should be used in conjunction with the reporting that termination, which is why I was curious why there was no sales schedule (even though it was a merger) but upon a closer reading of the proxy they said the suspended losses can be carried on to the new entity.