Tuesday, April 14, 2009
Again sorry for the lack of posts but my life is in a bit of a mess this week working 2 jobs at once plus a colonoscopy appointment! Isn't that fabulous. MLPS closed up today but we do have another offering for Energy Transfer Partners (ETP) on the order of 7 million units and DCP Midstream had their ratings downgraded by Fitch whcih may or many not mean anything. Oneok (OKS) keeps the quarterly distribution at 1.08. I should get back to some semblence of normalcy Thursday and Friday.
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joseph cioffi's Source Page - Associated Content
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Cost basis question for any experienced MLP owner(s). Just finished going through my first tax season with MLP Schedule K-1's. TurboTax Premier makes dealing with the K-1's easy for the tax return; however, I am now trying to figure out my new cost basis for the MLPs I own. Per the K-1 instructions, one's new cost basis is computed via the "Worksheet for Adjusting the Basis of a Partner's Interest in the Partnership" on page 2 of the instructions. There is a lot of accountant-eze to deal with on this worksheet, calling for figures that, at least to me, do not jump out from the documents provided by the MLP. Is there an easy/simple method of figuring the new cost basis (that would survive an audit)? Something like using the figures in the "Partner's capital account analysis" provided in box L of the Schedule K-1? Any help will be greatly appreciated and, I suspect, useful to others.
Thanks,
JCarroll
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