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Enterprise Products Partners L.P. Message Board

  • going_broke_fast going_broke_fast Mar 4, 2009 8:44 PM Flag

    IRC Section 754 Statement

    This is my first year with EPD. Their instructions state I need to include an "IRC Section 754 Statement" in my return. How is this done, through a special form or attachment?

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    • What are you talking about? Enter the data into TurboTax and send off you return. Have never heard of a Section 754 statement much less filed one.


    • 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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