In TT, you check a box labelled 'this partnership ended in 2013'.
That will open up a screen where you enter the sale information.
Sale proceeds is just your proceeds.
Enter your original basis adjusted by the basis adjustment from the sale schedule.
There is also a box where you enter the ordinary gain which is also found on the sales schedule.
TT will use that to populate your schedule D and form 4797.
"Since K-1’s differ between trusts and partnerships, some may not issue K-1’s, but booklets online or by mail."
Another muddled statement revealing total lack of understanding.
Trusts do not issue K-1s at all.
Partnerships issue a K-1 because that is the IRS form relating to partnerships and s-corporations.
The sale price is the sale price (proceeds of the sale). The sales schedule gives you a basis adjustment which is applied to your original purchase price. There is also an ordinary gain amount which is used for form 4797.
So in the TT disposition screen, you enter your sale price direct from your broker).
For basis you do not enter your original purchase price, rather you enter that amount adjusted by the basis adjustment from the sales schedule. For example if you paid $20,000 and basis adjustment shows #$%$000 then you enter $15,000 as your basis.
Enter the ordinary gain amount from the sales schedule into the box for it in TT.
TT will do the rest for you.
I wonder how seeing you have shown over and over you don't even understand the basic concepts of the tax reporting.
I suppose you also prefer to walk than drive a car and never use a computer or calculator which are for sissies. Real men do long division by hand, is that it?
I'm willing to bet that your tax filings are completely wrong based on the consistent lack of understanding you have paraded here.
The Alerian index is more representative of most indexes as it includes the 50 most prominent MLPs and there are only about 100 in existence. So it includes all the significant ones.
It's still within about a percent of all time highs.
MLPs overall are doing very will.
Your problem is that you don't appreciate your ignorance being exposed.
You should heed the maxim 'it's better to keep quiet and be thought a fool than open your mouth and remove all doubt'.
You know little about this sector but that doesn't seem to stop you spewing and endless stream of misinformation and misunderstandings.
"So, I am correct then in thinking that my gain (excess of sale proceeds over adjusted cost basis) is capital gain rather than ordinary gain, right?"
No, it is a combination of both and the adjustments are given in the sales schedule of your K-1.
"The purchase and sale of your units is another matter and your broker has the records for the capital gain, long term in your case."
Not correct.the K-1 includes a sales schedule for the sale and that is what must be used to adjust the basis and ordinary gain. The broker does not have this information so you cannot use the brokerage import for MLP sales.
Forget the 1099 which may be wrong. Read the tax booklet.
However you were correct above that part of it is indeed OID interest.
No, you don't do that at all.
You need to read the tax booklet where the calculations are fully explained.
Why would you be trying to do it without following the instructions in the tax booklet. It was available in early January.
you don't need an accountant. Just read the tax booklet.
It is confusing at first but pretty simply once you get the hand.
Look at the examples is easiest.
part of the payment is OID interest, yes.
A bigger part is return of principal reported on schedule D with basis equal proceeds.
It's all in the tax booklet.
only adjusted for special divs, not regular monthly or quarterly divs/dists.
The companies could be more consistent with their naming conventions for this section but it's not too hard to figure out what is what.
I just checked the XTEX K-1 supplement and the descriptions are pretty clear and match pretty well the names of the boxes in the TT screen for this.
Without opening TT and so going from memory on the screen layout you'd put 13T2 in line 1 box 1, 13T1 in line 1 box 2. Similar with T3 and T4 on line 2.
T5 and T6 are on a second screen in TT, then T7 and T8 back on the first screen.
forget comparing month to month. SBR's production and distributions is always lumpy month to month.
Look on an annual basis and its pretty consistent.
Are you kidding? A further cut is more likely.
Their cash flow is not even covering capex plus dividend currently.
You better hope it goes through. The company has been struggling and without the merger would likely have to cut the distribution, similar to NRP. Rsult of that would mean a price much lower than RGP is paying.
It's a trust so there is a tax booklet from which you need to do the calculations. The booklet is available on the trust website