No, they just have to issue permits for the relevant export facility.
They have been permitting quite a few recently.
You are getting confused with crude oil, however there are loopholes in that ban.
I believe she has changed her yahoo ID. She is probably here using a different ID.
Look for someone very knowlegable on partnership tax matters, invests/trades in upstream MLPs and only has posts dating back 2 or 3 weeks.
I guess the huge drop in gasoline supplies doesn't count?
Total commercial petroleum inventories decreased by 1.6mb in this report.
Hint: shoulder season. Happens every year around this time.
"Total commercial petroleum inventories decreased by 1.6 million barrels last week."
Not to mention Cushing down by another 1.3mb to 30.8mb compared to 49.3mb a year ago.
There have been several releases from the SPR under Obama's administration, however never followed by any restocking. How long till the SPR is to oil as Fort Knox is to the nation's gold?
"Next year (or maybe the year after; I forget when MLPs will be subject to basis reporting by the brokers), things may be different,"
but how will they be able to do it without knowing the basis adjustments and the ordinary gain from the MLP. Wouldn't this require brokers getting the K-1s which they currently do not get?
The answer is that you do not enter the sale in your tax software in the same way as you enter sale of stock. Turbotax has a section in the K-1 interview where if you tick the box labelled "this partnership ended in 2013" will open a subsequent screen that allows you to enter your sale price, adjusted basis, ordinary gain and AMT adjustments. Then it automatically populates both form 4797 as well as schedule D. I know that Turbotax handles this correctly. If you are not using Turbotax then I cannot help you, however you should look for somewhere where it allows you to enter 'sale of business property'. Do not just enter it as a normal stock sale.
"GENERALLY, the amount of proceeds that exceeds my adjusted cost basis consists of ordinary gain (the portion related to distributions) and the remainder being capital gain?"
It will be a combination of ordinary gain and capital gain, however not really sure that your statement is correct. The ordinary gain part is the recapture on any depletion, depreciation or 13-J items taken as deductions over the life of your ownership.
P.S. The people you spoke to on the tax line were not calumet employees - the tax support is done by a separate company.
been answered already...they dropped all their trusts.
They want to focus on core areas and trustee work was marginal for them.
Doesn't imply anything for HGT
Well you need to file a revised tax return then because that is wrong.
I doubt your broker told you that and the tax booklet with detailed instructions has been available since early january and you apparently couldn't be bothered to look at it.
that clearly risks a red flag from the IRS as they match what you report against their copies of the K-1s. What is so hard in doing it properly?
I answered your question already above. perhaps you didn't understand it.
Read the tax booklet if you want to know the numbers for your specific case
Since boxes 2 and 3 are very small if they are present for MLPs, I generally put all the other numbers in the box 1 K-1 and put only the box 2 or 3 with nothing else in the extra created K-1.
But yes this is an annoying limitation of Turbotax that it cant handle them all in the one K-1.
you answered the first question above.
ordinary gain is part of your gain will be taxed at ordinary income rates, not capital gain. It seeds into forms 4797.
Enter the number into the orinary gain box in the disposition screen in TT and it will handle everything correctly
You get to the disposition screen by checking the box 'partnership ended in 2013' in the TT K-1 interview.
If you enter the20 Z code in TT you get a following screen where you can enter as many lines as you want.
But 20Z doesn't affect your return calculation, they are just informational