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
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.
- 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
James E. Marker, II, CPA
Sisterson & Co.
Mr. Marker's practice focuses on dealing with businesses and individual investors in the upstream and midstream... | Read More
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.Close
Joseph P. Nicola, Jr.
Sisterson & Co.
Mr. Nicola has experience in many areas of taxation, including the taxation of and planning for individuals,... | Read More
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.Close
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