Mastering Reporting of Publicly Traded Partnership and MLP K-1s on Partners' Returns
Navigating MLP K-1 Footnotes and Tying Information to the 1040
Recording of a 110-minute CPE webinar with Q&A
Conducted on Wednesday, January 18, 2017
Recorded event now available
This webinar will provide tax advisers and professionals with the tools and practical knowledge needed to accurately reconcile complex Schedule K-1s for publicly traded partnerships (PTPs) and master limited partnerships (MLPs), using sample K-1 information from complex Oil & Gas partnership footnotes and disclosures as an example. The panel will offer guidance on how to translate reportable information onto the partner’s Form 1040, prepare basis schedules, and report at-risk and passive loss limitations.
This webinar will provide tax advisers and professionals with the tools and practical knowledge needed to accurately reconcile complex Schedule K-1s for PTPs and translate reportable information onto the partner’s Form 1040, prepare basis schedules, and report at-risk and passive loss limitations.
For most K-1s received by taxpayers, reporting the pass-through items of income and loss is a fairly straightforward process. However, for many oil and gas PTPs and master limited partnerships (MLPs), the K-1 often requires the tax preparer to compile complex reconciliation schedules before transferring the information reported onto the partner’s income tax return.
A Schedule K-1 from an oil and gas partnership can easily exceed 50 pages or more. These K-1s generally have important tax reporting information in the extensive footnotes following the standard page 1 boxes listing income, deductions, credits and distributions. To allocate and report items on the client’s tax return, tax professionals must use information found in the footnotes.
Schedule K-1s from PTPs and MLPs also present challenges to tax preparers in reporting the client’s basis and at-risk amounts in the investment. Tax professionals must carefully review the K-1 and footnotes to prepare and maintain accurate basis schedules, at-risk amount calculations and capital accounts.
Listen as our experienced panelist provides detailed and practical guidance to help tax professionals correctly reconcile tax information from these complex K-1 schedules and correctly report the information onto the tax return.
- The law and regulations, including recent developments
- Review of Schedule K-1 data, including key footnote information
- Required combinations and allocations
- Gain/loss reporting for assets sold by the partnership
- How to tie reconciliation schedules to Schedule K-1 to tax return
- Basis schedule, capital accounts and at-risk amounts
- Oil and gas items
The panelist will review these and other critical topics:
- The law and current regulations.
- Understanding K-1 footnotes to determine items such as passive vs. non-passive income, as well as dispositions
- Knowing when a K-1 requires the tax preparer to enter info in return areas other than Sch. E pg. 2
- How to report the information found in reconciliation schedules onto the partner’s income tax return
- Calculating basis on capital assets sold within a partnership to correctly report gain or loss on Form 8949
- Preparing and maintaining a basis schedule for the partnership investment
- Recent developments, including the proposed regulations regarding the definition of “qualifying income” for PTPs in the oil and gas industry, as well as the Bipartisan Budget Act of 2015
After completing this course, you will be able to:
- Identify passive activity losses for PTPs and MLPs
- Discern when a PTP will not be treated as a corporation and how passive activity limitations are applied
- Determine proper structure of MLPs and their tax treatment advantages
- Recognize "tax preference items"
- Ascertain specific tax benefits and issues for oil and gas partnerships
James E. Marker, II, CPA, Tax Manager
Sisterson & Co.,
Mr. Marker's practice focuses on dealing with businesses and individual investors in the upstream and midstream segments of the oil and gas industry. His experience includes assisting clients with a wide variety of tax and consulting needs, such as; multi-state operations, planning with respect to intangible drilling costs (IDC) and the alternative minimum tax, and planning and compliance related to acquisitions and dispositions of assets, stock, and membership interests, including installment sales, like-kind exchanges, and recapture of previously deducted items such as depreciation, depletion, and IDC.
Joseph P. Nicola, Jr., Tax Partner
Sisterson & Co.,
Mr. Nicola has experience in many areas of taxation, including the taxation of and planning for individuals, families, and various forms of business entities, such as corporations, partnerships, and limited liability companies. He is experienced in federal and multi-state tax matters that affect numerous industries. His background also includes significant experience in ERISA and employee benefits, as well as representation before the Internal Revenue Service and Department of Labor. He is a published author of CPE and CLE texts and industry articles.
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Includes full event recording plus handouts.
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Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.
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WISS & Company
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Cover & Rossiter
Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.
Rhonda G. Williams, CPA
Barraclough & Associates
The conference was technical, informative and presented at a good pace.
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