I am having the same issue as yours and not sure how to resolve with the IRS. Please share your findings and how you handle this issue. Thanks bro.
Hi, I just read your post. I am in the same position as you. I had invested in Breitburn in 2016 and lost everything when they file bankruptcy. And now IRS said they reported a significant gain to them and that I own certain amount. I don't know how to obtain the Pk1 that was reported to the IRS. I am curious how did you solve your problem?
I have the same issue right now. I purchased the common shares in 2016.
My 2017 K-1 showed a huge gain, my 2018 K-1 had a small loss and capital account was turned to $0. Lost all of my investment and now having to deal with reporting K-1 income for 2017.
How has anyone dealt with this issue?
Thanks in advance
a couple years ago, I bought BBPPQ but I didn't sell any of the unites when Breitburn filed bankruptcy. On my 2017 Breitburn K-1 net section 1231 loss and ordinary business loss. However, on my 2018 Breitburn revised K-1 net section 1231 huge gain, and hugh ordinary business income. It doesn't make any sense to me since Breitburn went bankrupt. How could Breitburn send me a positive business income and positive net section 1231 gain on my K-1? Can anyone explain it to me?
how did that work out?
They mailed me a letter, not a new K-1. Seems that somewhere between my move, my accountant and my lender, the original K-1 was lost. I need to get a new copy.
Additionally, I've tried calling the number 1-800-559-4966 and it seems someone has taken the phone off the hook. I just get a busy signal. Have tried several times over the past several days.
They should have mailed you an updated one about a month ago.
Anyone know how do I get a hold of my BBEPQ 2018 K-1? It is no longer on Tax Package Support website.
Ok, so just recently my tax attorneys had my K-1s reworked.
I will not get as much money back as I would have if I used my initial K-1s, but money I don’t care/need it.
Beer/Alcohol, now that’s a different story.
Negative Depletion Deductions? One of my 3 K-1s was for a very small amount of common Units. I did NOT own the units through cancellation. There is a negative depletion deduction of over -$7,500. Is that to be treated as income?
My tax attorney is treating the negative deduction as income and in the end, the negative depletion deduction is making this K-1 $6,500 in positive taxable income. So I will be paying taxes on a small amount of common units that I did NOT hold through cancellation.
Is this correct? Is anyone else counting a negative depletion deduction as positive income?
Agreed! Investing in public partnerships can get complicated come tax time. Not to mention that they send you the k-1 form after you’ve already probably prepared your tax return. Your standard accountant may not have the expertise to handle.
It sounds like a lot of the important values were zero.
Correct. Everyone really needs to get a CPA to get these dont right. And a good CPA that has experience with this kind of stuff.
They were cancelled. Sometimes the person on the phone doesnt know what they are talking about.
On your K-1 what do you have for:
a) Box 1 ordinary income:
b) Box 10 Net Sec 1231:
And on the Supplementary section:
c) Sustained Depletion:
d) Intangible Drilling:
e) Cancelation of Debt Income:
I owned 12,000 of BBEPQ and it disappeared from my ML account. I received a form K-1 for FY 18.
I called the BBEP K-1 tax support number with a few questions.
The lady said that their records indicate I still own 12,000 shares of BBEP stock.
I ask are you sure? BB went out of business. She said no BB is still in business.
I thought our BBEPQ shares were cancelled?
Thanks for the explanation. I doubt if I had enough income to make a difference.
#1. Partnerships are pass-throughs. They don’t pay corporate income tax. Instead, they pass through profits and losses to you the partner. Your share of the taxable income flows onto your 1040 whether or not you get any cash income from the company.
The K-1 form is issued for limited partnerships. LPs pass along their income/loss to their shareholders. This is not your loss or your gain on the stock trade itself. The loss is the the LPs loss.
I received my statement yesterday but it shows that I didn't have a gain. I did have a gain of $367.54 and don't know why it shows -0- gain.
Does your statement show a gain or a loss?
Anybody out there worked their K-1 tax forms???
My tax attorney is working mine, plus I have done a lot of research and talked to some paid experts and in the end I will pay for a 2nd CPA just to double check everything.
It looks like I am getting an enormous tax write off from my Preferred units.
More power than we can even in our wildest dreams even imagine and He gives it to us.
btw WW I enjoyed your TRUTH message the other day.
"Is it the TRUTH..."
you said it some how like that...
I'll answer that question for him...
NO it's not TRUE
VENGEANCE IS HIS
Be Anxious for Nothing
Make all supplications known
And watch HIM work.
I saw that in your message.
I BELIEVE in you.
It took a while but I'm here...
In the here and the Now.
can I ask you a question?
Who told you?
Even if I tell a bunch of people it means nothing if they don't believe.
The words make no sense..
The sentence makes no sense...
"that's the here and the now"
Nobody talks like that...
You either know what i now know
Or God used you and spoke to me through you.
You are absolutely right wowalters.
It is the here and the now.
Who told you?
Or did you figure that out on your own?
If you did... Let me tell you..
You didn't figure that out on your own...
You've been talkin to God and perhaps didn't know it...
I can say this... You must be a special guy to know about the here and the now...
Or how we like to call it...
Read the verse with Sabbath as a plural word. Mat 28:1. To me God is saying that the Saturday Sabbaths are stopped and Sunday becomes the new Sabbath. Jesus's work on the cross turned the world upside down.
In my opinion only, there is no hope. IMO, we were 'sold out' by all that purported to be working 'for' the common shareholder.
At least that is how it looked to me. BWDIK?
wow, Thank you.
" Sabbath is translated as singular when in the Greek it is a plural word. The translators though the sentence sounded better so they eliminated the s. WOW were they wrong"
Not real sure what this means?
Listening in a NIV translation would be fine. Got my CD copy on Ebay for $5. God can work with that. Memorize Prov 3:5&6 and Phil 4: 6&7
Remember it is only a translation. Mostly it is good, but the men that translated from the Hebrew and Greek were not perfect. IE Mat-28:1 Sabbath is translated as singular when in the Greek it is a plural word. The translators though the sentence sounded better so they eliminated the s. WOW were they wrong, Jesus makes no mistakes.
" It takes 66 hours to listen to it Gen 1 to Rev 22, do it."
Is there a particular audio book that you would recommend?
Mat 10:7 "The kingdom of heaven is near"
The "is" in the Greek is in the present tense.
Jesus is all around us, satan tricks us into believing He is not. Don't believe satan.
The Bible is the way He communicates with us. Every Word in it and only the words in it. It takes 66 hours to listen to it Gen 1 to Rev 22, do it.
Like the thief on the cross next to Him. TURN recognize you are a sinner and need a Savior. ASK Him to save you. TRUST that because of His work on the cross, grave and resurrection He can.
" today you will be with Me in Paradise" Luke 23:43
I believe you when you said its the HERE and the NOW.
I know HE is Alive. I want to see HIM.
Do you know where HE is? Jerus...m?
Please help me.
Oh whoops. Lol. Thanks for the link.
Can someone tell me what was reported on their k1 per share? If there’s no CODI issue then wondering if it would be worth it to buy/hold shares to get the last k1.
A pathetic, lame performance by those who pretended to represent the unit holders. imo
LOL! That's what a $5.00 cup of coffee and stock advice gets you!
Track this guy down please...I need a new hot tip!
Docket# 1691 Disclosure Statement:
Under the absolute priority rule, no junior creditor would receive any distributions until all senior creditors are paid in full, and no equity holder would receive any distribution until all creditors are paid in full.
As summarized in the below analysis, the Debtors have determined that upon the Effective Date the Plan will provide all creditors and equity security holders with a recovery (if any) that is not less than what they would otherwise receive pursuant to a liquidation of the Debtors under chapter 7 of the Bankruptcy Code, and therefore believe that the Plan satisfies the requirement of section 1129(a)(7) of the Bankruptcy Code.
The Liquidation Analysis projects that Class 11 (Existing BBEP Equity Interests) Claims will receive no recovery pursuant to the Liquidation Distribution.
warned on post 605.
Yes, the judge could get a epiphany, it is Good Friday.
Larry - Join me on other boards. Would like to get your opinion.
I just got in BBPPQ today. Is it that bad?