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Inergy, L.P. Message Board

rudfox 16 posts  |  Last Activity: Mar 24, 2014 2:36 PM Member since: May 23, 2002
  • Reply to

    K-1 and taxes

    by marklibera Mar 6, 2014 7:45 PM
    rudfox rudfox Mar 24, 2014 2:36 PM Flag

    Thanks! Is that suspended loss number transferred to only your spreadsheet outside of TurboTax, or do you enter it into the new CMLP K-1 in TurboTax?

  • Old holders of NRGY will enter info for 4 K-1s into TurboTax (TT) from the 4-in-1 Crestwood K-1:
    1. CEQP: Crestwood Equity Partners, LP FEIN: 43-1918951 (topic)
    2. NRGM: Inergy Midstream, LP FEIN: 20-1647837
    3. CMLP: Crestwood Midstream Partners FEIN: 56-2639586
    4. SPH: Suburban Propane Partners, LP FEIN: 22-3410353

    This post is to discuss and inquire about just
    CEQP (NRGY): Crestwood *Equity* Partners, LP 43-1918951. This is the old INERGY 43-1918951. The starting point in TT would be to modify the INERGY K-1 that TurboTax started for you with based on your 2012 taxes.

    The K-1 Part I and II (including capital account) would go onto this TT K-1.

    At the bottom of "SUPPLEMENTAL K-1 SCHEDULE FOR TAX YEAR 2013 it says
    "Transfer of a portion of your capital account of Crestwood Equity
    Partners, LP CEQP 43-1918951 (formerly known as Inergy, LP) to
    Crestwood Midstream Partners, LP (formerly known as Inergy Midstream
    , LP) $nnn [where $nnn represents an amount]

    I also see that box 19 C has $nnn so I am suspecting that has been taken into account and already reduced the Crestwood Midstream capital account by that amount. Yes? If not, where would be a good place to enter the reduced equity into TT?

  • Holders of NRGY will enter 4 K-1s into TurboTax (TT) from the 4-in-1 Crestwood K-1 are these:
    a. CEQP: Crestwood Equity Partners, LP FEIN: 43-1918951
    b. CMLP/NRGM: Inergy Midstream, LP FEIN: 20-1647837 (topic)
    c. CMLP: Crestwood Midstream Partners FEIN: 56-2639586
    d. SPH: Suburban Propane Partners, LP FEIN: 22-3410353

    In addition, holders received a separate CMLP K-1 FEIN: 20-1647837 (topic)

    This post is to discuss and inquire about entering info into TT on
    CEQP (NRGY): Crestwood *Equity* Partners, LP 20-1647837.

    1. My thinking is to start with the separate K-1. This is the one that you get by clicking Legacy on TaxPackageSupport, then selecting Crestwood Midstream Partners -- Formerly known as Inergy Midstream. This can be downloaded as a TurboTax TXF file.
    2. Add in capital account info and other info not included in the TurboTax download.

    3.Add in the numbers from the CMLP (NRGM) column of the 4-in-1 to that K-1. Use Turbotax supporting details to do the summing, and thus have a record of where each part came from. These pieces have the same FEIN.
    4. In the 4-in-1 the bottom of "SUPPLEMENTAL K-1 SCHEDULE FOR TAX YEAR 2013 it says
    "Transfer of a portion of your capital account of Crestwood Equity
    Partners, LP CEQP 43-1918951 (formerly known as Inergy, LP) to
    Crestwood Midstream Partners, LP (formerly known as Inergy Midstream
    , LP) $nnn [where $nnn represents an amount]

    Do this by increasing the first or second line of Box L by $nnn. Or has this already been done. This is the part I don't feel that confident of, but there may be other parts that I am mistaken on.

    5. Add the suspended loss as a negative number from FEIN: 56-2639586 CMLP (6/19/2013 - 10/7/2013) K-1. Enter that into page 3 section A line 1a. This aspect was discussed in http://finance.yahoo.com/mbview/threadview/?&bn=1c74df18-bc63-34d5-b2d3-0a2279a8094f&tid=1394153146298-096de0b6-8950-484e-b346-7fb84e470c37&tls=la%2Cd%2C0%2C3

  • Reply to

    K-1 and taxes

    by marklibera Mar 6, 2014 7:45 PM
    rudfox rudfox Mar 18, 2014 1:54 PM Flag

    Related the Marklibra inquiry, is my planned treatment OK for this one K-1 into TT, and how could I improve it?

    With the quad K-1, one of the resulting K-1s is for 56-2639586 CMLP (6/19/2013 - 10/7/2013) This discusses that K-1 only:

    My best interpretation at the moment is this would be entered as a stand alone K-1 with no capital account. This would have been a left-over from last year if you did the 3-K1s from the 3-in-1 NRGY K1.

    It would be marked as a final K-1. On the K1P Addl Info 2 part II disposition of partnership interest, box 1A (disposition fully taxable) would *not* be selected. Box 3 and 2 dates would be (6/19/2013 - 10/7/2013)
    Lines 4=purchased, lines 5 and 7 for sales price and basis would be zero? How would we reflect that the negative income from box 1 from the K1 was being carried to surviving CMLP (20-1647837)?

    I suspect I am missing something. Thanks.

  • Reply to

    K-1 and taxes

    by marklibera Mar 6, 2014 7:45 PM
    rudfox rudfox Mar 14, 2014 11:45 PM Flag

    Thank you for the info and discussions. I see the big combo form form is marked as a final K-1. So I was wondering if the old CMLP numbers from the singular CMLP would get added to the old NRGY K1 and the CMLP from the combo and that 3-way combo would be marked final. I don't know at all, so nobody should assume that I am doing more than mulling things over at this point.

    Then the new combo, which includes
    CEQP (NRGY) 1/1/2013 - 12/31/2013
    CMLP (NRGM) (1/1/2013 - 12/31/2013)
    CMLP (6/19/2013 - 10/7/2013)
    SPH (1/1/2013 - 12/31/2013)

    Would have a brand new CMLP K-1 and the others would go wherever. Makes my head hurt. I am not looking forward to this, so don't be hesitant to over-simplify. It makes the old EPD situation look relatively simple.

  • It turns out that Actavis moved to Ireland in a complex set of deals. As part of this, the holders of ACT were deemed to have sold their shares of ACT on Oct 1, 2013 and having bought the same number of new ACT shares immediately. This saved them tax money, but costs you. The sell has been reported on your 1099-B! For a description of the tax effects, do a search for this quoted string:
    "INFORMATION ON THE TAX CONSEQUENCES OF THE EXCHANGE OF ACTAVIS COMMON STOCK"
    I can't post a link and expect the post to survive. If Actavis were forthright, this would be prominent on their investors web page.

  • rudfox rudfox Mar 11, 2014 11:29 PM Flag

    Incidentally and off topic for EPD, Chesapeake Granite Wash Trust and some others listed on taxpackagesupport are trusts and issue K-1s. I don't know how to locate the appropriate forum. :)

  • rudfox rudfox Mar 11, 2014 11:23 PM Flag

    If you have no taxable K-1 with non-zero 13T5 Employer's W-2 wages, I believe you can save some time as I do. Just don't bother with entering any 13T numbers. If you enter some, you will need to enter all.
    Entering no 13T numbers will not make your tax less. But if no W-2 numbers, entering those 13T numbers will also not change your taxes.

  • Those who who hold this in a taxable account will learn about line 13J in Turbotax for the IDC. There appears to be no 20V UBTI line, so good for IRAs.

    I think investors in LINE would be interested in the K-1.

  • Reply to

    Tax Question

    by billeesands Jan 8, 2014 9:52 PM
    rudfox rudfox Mar 5, 2014 12:16 PM Flag

    For a small investor, putting SEP into an IRA is usually not bad. The bogie is to keep UBTI low. I do that, and I monitor UBTI. It is not simple to describe what is safe, but if the total of all of the POSITIVE values in your IRAs is less than $1000, you are safe from getting taxed and paying your broker to file that tax. There can be other factors, but if you can meet that criterion, you should be safe.

    SEP, like most energy MLPs (PTPs) have negative UBTI, at least in the early years that you hold them. I watch, and if any start to generate non-trivial positive UBTI, I look to sell the whole thing. It is not 100% safe, but I have not been bitten yet.

    If you bought SEP in a taxable account, you have a significant learning curve with Turbotax plus a significant annual chore, or you will pay a tax person to do it for you. I don't know what a tax person would charge to do just SEP.

  • Line 16E and 16J, which are small "General Category" items. When I link the K-1 to the existing form 1116 for passive paid foreign tax, I get an error. For troubleshooting, changing those tags to D and I makes the error disappear. So it looks like the right way to do it is to change them back to E and J, and then create a new copy of form 1116 in Turbotax for General Paid foreign tax.

    Comments?

  • Reply to

    Down Almost 3% After Hours

    by genetz2003 Feb 26, 2014 6:52 PM
    rudfox rudfox Feb 27, 2014 7:16 PM Flag

    $48.90.
    Higher than I expected.

  • rudfox rudfox Feb 27, 2014 6:14 PM Flag

    It priced at $7.00.

  • Reply to

    Down Almost 3% After Hours

    by genetz2003 Feb 26, 2014 6:52 PM
    rudfox rudfox Feb 27, 2014 6:10 PM Flag

    I agree. It's normal to have a dip at that point. It's usually a temporary thing. The secondary is scheduled to get priced Thursday evening, and the shares to be allocated overnight. So there may be a recovery Friday.

  • Line 3 has a bit of rental income. If you import the TXF file to TurboTax, it will show an error, because it does not like rental income to be combined on a general business K-1. There is a manual workaround to get the line 3 number on to the right place on Schedule E. It's been discussed before, so let's hope somebody posts a handy reference to the method.

  • Supposedly the "rights are not transferable. Each right give the right to buy 0.48 units at $2.50. Rights said to expire after Feb 6.

    Your broker may or may not charge you to exercise, and if the broker charges, it will probably be more than the charge for a commission.

    The effect is to dilute the value of existing shares, and to assess holders to send more money. My experience with companies that do this is not good. However since the majority of the units are held by two people, maybe that is different? It's not good for the small holders generally IMHO. This has not been a good investment.

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