Reporting Master Limited Partnership K-1s on Partners' Returns
Navigating Footnotes and Tying Information to the 1040
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and professionals with tools and practical knowledge to reconcile complex Schedule K-1s for master limited partnerships (MLPs), using sample K-1 information from partnership footnotes and disclosures as a roadmap. The panel will offer guidance on how to translate reportable information onto the partner's Form 1040, prepare basis schedules, and track passive loss limitations.
Outline
- The law and regulations, including recent developments
- Review of Schedule K-1 data, including footnote information
- Required combinations and allocations
- Gain/loss reporting for when an investor divests of their partnership unit
- How to tie reconciliation schedules to Schedule K-1 to tax return
- Basis schedule, capital accounts and passive activity losses
- Oil and gas items
Benefits
The panel 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
- Reporting 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 MLPs in the Natural Resource industry
Faculty
Robert Baldwin
National MLP Tax Practice Leader
PricewaterhouseCoopers
Mr. Baldwin assists MLPs with modeling and structuring the impacts of mergers, acquisitions, and dispositions, as well... | Read More
Mr. Baldwin assists MLPs with modeling and structuring the impacts of mergers, acquisitions, and dispositions, as well as tax shield calculations, partnership agreement interpretations, technical termination analysis, basis adjustment calculations, Section 704(c) remedial income allocations, and compliance reporting to various federal and state governmental agencies. Prior to joining PwC, Mr. Baldwin served as the Vice President of Tax at Kinder Morgan Inc, the general partner of Kinder Morgan Energy Partners, one of the largest MLPs in Houston.
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Tim Buford
Tax Partner
PricewaterhouseCoopers
Mr. Buford has more than 25 years of experience, including significant experience serving high-net worth families and... | Read More
Mr. Buford has more than 25 years of experience, including significant experience serving high-net worth families and multinational companies, both private and public. He has managed and performed tax and advisory services in the areas of accounting for income tax, international tax, research and development credits, and M&As. Mr. Buford has been a frequent speaker on the topic of accounting for income taxes for organizations such as the Tax Executives Institute, American Petroleum Institute, and the Council for International Tax Education. He has also taught training courses on topics such as ASC 740, international tax, consolidated tax returns, and various other issues.
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Ashley Freeman
Tax Manager
PricewaterhouseCoopers
Ms. Freeman’s practice focus and client base includes high-net worth individuals, privately held companies, and... | Read More
Ms. Freeman’s practice focus and client base includes high-net worth individuals, privately held companies, and large family offices. Along with tax compliance services she assists clients with estate planning matters and family business generational planning. Ms. Freeman has assisted clients in multiple industries--from athletes and entertainers to corporate executives and professionals in the legal and medical fields.
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Jeffrey L. May, CPA
Tax Manager
PricewaterhouseCoopers
Mr. May is a Tax Manager in PwC’s National MLP Tax practice and is currently on tour in PwC's Washington... | Read More
Mr. May is a Tax Manager in PwC’s National MLP Tax practice and is currently on tour in PwC's Washington National Tax Services Mergers & Acquisitions practice in Washington, DC, specializing in partnership taxation. Since joining the practice in January 2011, he has helped provide Federal and State tax reporting services to the majority of the U.S. Publicly Traded Partnerships, working primarily with some of the largest clients in the energy industry. Mr. May has worked with his clients in providing analysis and guidance with respect to many different transactions, including mergers, acquisitions, initial public offerings, secondary equity offerings, disguised sales, redemptions, and recapitalizations, with a focus on the impacts of §704(c) allocations and §743(b) basis adjustment calculations.
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Bill Baker Smith
Director
PricewaterhouseCoopers
Mr. Smith has been a member of the PwC MLP practice since 2006 and has expertise in the PwC suite of software... | Read More
Mr. Smith has been a member of the PwC MLP practice since 2006 and has expertise in the PwC suite of software applications, investor reporting, website and call center operations, and print vendor coordination. It is his responsibility to ensure the timely and accurate completion of all project deliverables. Throughout his tenure with the practice, Mr. Smith has provided project management and consulting services related to K-1 processing and filings for over 30 MLPs. He has administered the investor reporting requirements for complex client events including mergers, acquisitions, unit splits, passive activity reporting, IPOs and secondary offerings, technical terminations, and partnership roll-ups.
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