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?
PTP Sale
Mar 17, 2009
3 Replies
Yes and Yes
- 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 formatting link
- 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
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.
replying to Kadaifi, OldandGray wrote: how does one handle wash sale of PTP?
The same as you would any other wash sale.
Ira Smilovitz
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