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- Handling EBIE from a Master Limited Partnership (MLP) in year of sale
Handling EBIE from a Master Limited Partnership (MLP) in year of sale
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ACCLIGHT
Level 3
10-15-2023
04:25 PM
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An MLP holding was sold in entirety 2022. The MLP statement shows excess business interest both in total as well as with state breakouts. There is no offsetting excess business income (EBI). I don't know what to do with this for the personal Fed 1040 and State returns. It seems normally an 8890 would be filed and the amount carried forward but since the position was closed do I apply it this year against MLP income or basis? Is it applied to States as well in the amounts broken out on the K-1 supplement? I know this is late in the game but hoping someone will be kind enough to point me in the right direction. Thanks.
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