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Posted by Kadaifi on March 19, 2009, 9:05 am
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kupchik@hotmail.com wrote:
> When therre is a sale of a PTP on the NYSE, will the Partnership issue
> a final K-1? Are there any special handing required?
>
Yes and Yes
1. You should get a final K-1 from the Partnership. If you have not yet
received it, you may be able to download it at www.k1support.com
2. As part of the K-1, you should receive a "2008 Sales Schedule" which
shows all of the details of the sale. It will include amounts for
"Adjustments to Basis" and "Ordinary Gain". "Ordinary Gain" is reported
on Form 4797 Part II, Line 10. You will also be able to use the data
provided to calculate the "Capital Gain/Loss" which is reported on Form
1040, Schedule D. The Sales Schedule also provides an amount for AMT to
be shown on the Form 6251, Line 17.
The K-1 should also give you the recommended wording for an "IRC Section
751 Statement". This statement must be included with your tax return.
Because of the requirement to include this statement, it appears that
the return must be filed manually rather then electronically.
Note: I am not a "Professional Tax Preparer". I sold a PTP myself and in
the middle of going through the process of preparing my return.
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