I also got Krft from MDLZ and am toying with the idea of selling prior to the merger, perhaps around $90. Fortunately, it's in my IRA so there are no tax consequences. Just not sure how to evaluate the benefit of taking my money now or holding for the combined company.
This thread has run its course. Either I have been doing things correctly or I haven't, and unlike you, I will assume this CPA (who was not chosen by throwing darts at CPA lists) knows his business until proven otherwise (and I've caught other CPA errors in the past). If his conclusions match your analysis, fine. If they don't, fine. I will learn something either way. And I doubt that he will find it necessary to label my interest in verifying I'm conforming to state and local requirements as "confused and mistaken". I don't present myself as an expert in the fine (or straightforward) points of k-1s, so the intelligent path is to seek someone who knows more than I do. End of story.
I have only one state to report EPDs activity to, my own. Figures are supposed to flow from the Federal form to the state form. TTax gives you an adjustment screen which I have never put anything into but the CPA I just contacted believes may be necessary if PA has different allowances. Perhaps the adjustment is to only list the loss from the State schedule, not the passive loss that flows in from the Federal form. The distribution from EPD only appears in the state form as negative business income, and that means it never gets taxed to PA. Perhaps this is proper, but I am going to find out once and for all how it should be treated. A passive loss on the Federal side may not be a passive loss on the state side. I also have to file a local income tax, which presents the same issues.
My capital account box is fine. I need professional advice on the other issues, just to clarify if I'm adhering to my own state and city laws.
I'm better at these damn K-1s every year but am investigating whether I have been misfiling the PA state form. The distribution that I receive from EPd is listed in code 19A. but I see no place that flows back to the state form. Am I to assume that I do not get taxed on an MLP distribution at the state level? That doesn't make sense to me but what do I know?. There are adjustment entries that pop up in TurboTax state, but none of them ask about the distribution. If I look at the forms, there appears to be a column where that could be entered, but I'm not going to mess with the form manually unless someone can explain this.