TaxConnections Tax Professionals – Can You Help With This Question Of The Week?
I have searched and searched but have been unable to find this answer. I am unfamiliar with the accounting for MLP sales, and have a situation with a PARTIAL sale of an MLP, where it was designated the most recently purchased unit Lot be sold, which is documented by the broker’s statement. The K-1 figured the Ordinary Income based on the FIFO method using the first Lots purchased which are about 18 yrs. old. Read more