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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121478  
Subject: Re: Reporting a line 1 Sched K-1 loss? Date: 3/31/2012 3:20 PM
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The stock is OKS.

Soapbox time.

OKS is not a stock. It's right there in the company name: ONEOK Partners, LP. It's a limited partnership. Limited partnerships have unique tax reporting about them. Doing a bit more due diligence on investments before making them would seem to be in order.

End soapbox.

If you're using some tax software, find the place to enter K-1 information and make sure you indicate that this is a publicly traded partnership. The bottom line is that any loss from a PTP is deferred until you sell the PTP.

On the tax return, you'll report it on page 2 of schedule E. You'll give the name, ID number, write PTP next to the name, and put a zero in the amount. Next year, you'll need to know how much loss you didn't claim on your 2011 return, and net that into whatever the K-1 shows for 2012.

--Peter
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