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. =======================================================
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?
It's at the end of the sheet that says Enterprise instructions: "If you aquired your units by purchase or by inheritance, you must include the IRC Section 754 Statement stated below in your income tax return for the first year you became a partner".
There is a similar statement Section 751 required for people who sell their shares. What a hassle.