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Enterprise Products Partners L.P. Message Board

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  • rudfox rudfox Mar 9, 2009 6:12 PM Flag

    IRC Section 754 Statement

    Here is a suggestion:

    Add a "blank form" to your federal return. Paste each of the following lines into the first lines of the form. It should print out, and you should send that in with your return. I don't know what should happen if you efile.

    Copy and paste the first text line below into the top (title) box of the form. Paste one of the remaining 6 lines into the next 6 left boxes. That is a total of 7 copy and paste operations. Ignore the right column of the blank form.

    IRC SECTION 754 STATEMENT (Enterprise Products Partners L.P.)
    The taxpayer is a transferee partner in Enterprise Products Partners L.P. who
    has a special adjustment under Internal Revenue Code (IRC) Section 743(b)
    pursuant to the IRC Section 754 election made by Enterprise Products Partners
    L.P. The special basis adjustment was made in accordance with the rules
    provided in IRC Section 743 and 755 and the Regulations thereunder. Detailed
    information is available in the office of the General Partner upon request.

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    • Thanks for all of the advice so far. I assume that Enterprise is an "at risk activity" because they're involved in "exploring for or exploiting oil and gas resources". How have you been answering the questions in the tax program like "is all of your investment at risk, some at risk", etc?

      • 1 Reply to going_broke_fast
      • It is all at risk; nobody is guaranteeing you will not lose all of your money invested in EPD.


        If using TurboTax or TaxCut, you can save yourself some typing by
        clicking the Quicken tab in the upper right. You can either just
        launch thru, or save the file as 2008EPD.txf file, and import into
        the tax program.

        It is not going to enter everything, such as that statement you want to add. Also see the items show as "Please Note - the following items cannot be imported by TurboTax:", but those additional things, such as line 20 info, may not impact your tax return. Some are just informational.

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