Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next
Author: lorenzo2 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: query - amended return Date: 2/20/2003 1:15 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
it wasn't obvious from the original post that this was so

No, it wasn't. I should have posted more information, but what you said (that LTCG rate might apply) didn't occur to me. I didn't look until you mentioned it (he said sheepishly...)

the computer should reach the same conclusion

Actually, I would find it remarkable if it did. Or perhaps I should put it this way - it would be most remarkable if I did it correctly. This was one of those nutty "Substitute K-1s" that oil/gas pipeline partnerships distribute to their victims, showing all kinds of odd things like net ordinary income (almost always a loss), net section 1231 gain, investment income, gross receipts, AMT depreciation adjustment, oil recovery tax credit, etc. It just goes on and on. The saving grace is that they tell you to put this number on Sch E Part II, that number on form 4797, another number on Form 4952, and so on. In doing this (for three of these miserable things) I ran out of patience trying to understand what they were doing, and why.

In any case, the corrections made were to "net ordinary income" (which increased) and "cumulative adjustments to basis" - which was used in a very roundabout way to calculate capital gain. It certainly wasn't obvious to me, until I went thru the spreadsheets and reconstructed what I did last year, that it would come out a wash.

Well, thanks for the advice. I'll leave it for now, and perhaps do something about it when I have more time.

Lorenzo
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (5) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Medallion Financial: TAXI!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement