YEAR END DISTORTIONS CONTINUE!
Its really hard to separate whats real and what isnt this time of year as we have all sorts of push and pull going on. Some people are booking profits. Some people are repositioning themselves for 2010 and the next leg; whichever way that is. Some people are playing the year end bounce. And some are doing all of the above. Yesterday we saw a little profit taking in MLPS with the index down a point and off its lows. Again its hard to discern what if anything it means and given the almost straight up move we've had in December; a down day should be no surprise.
This morning we have a slight positive bias in stock futures. No news in MLP land and no upgrades or downgrades although Wunderlich is taking Energy and Income Fund (FEN) which trades on the Amex down to a hold from a buy. The fund is an mlp fund and trades like a stock.
Not much else to say really in this holiday trading enviornment as 2009 winds down to the last few trading days. At some point i would think we will see a little volatility as the last bets are put down before the ball drops.
joseph cioffi's Source Page - Associated Content
4 comments:
Joe, or anyone else. Along the lines of selling/taking profits, could you provide a pointer or link to a good tutorial on deciphering K-1's and calculating cost basis?
Thanks for the site and all the info you provide, and a belated Merry Christmas and Happy and Prosperous 2010 to All,
JCarroll
Jay this is one of those questions where the irs is going to accept what you put foward as your cost basis (since its possible they dont know how to calculate it either). The simple way would be cost minus distributions but not all distributions are return of capital. I am going to dig around over the next few weeks and see what i can find as far as a worksheet or something along those lines.
If you guys are familar with excel and you use Turbo Tax to do your taxes.
I can send you a spread sheet I have fixed up. You fill in your k1 information an it flows to the information you need to put in turbo tax. If you use your trace precendents, on excel you should be able to figure it out.
Midwest partnership gal worked this through for me -2,266
4 4 6 7 8
35,565 29,297 6,268 2,266 4,002
k1 Turbo k1 Turbo k1 Turbo k1 Turbo k1 Turbo DELETED FID DOWNLOAD CAP GAIN
# 5 # 7 #8 # 9 #10 & 11 THIS STK TURBO FILE 2005 DELETE CAP
sales basis of gain (loss) Ordinary short or G ON K1
price parnter Turbo gain (loss) G. loss
ship inters Turbo
interest for us inters
pepierce. Yes, I would very much like to have your spreadsheet. My e-mail is
lacarroll62@msn.com
Thank you,
JCarroll
Post a Comment