Sec 751 gain - Energy Partners K-1, code 20AB, ProSeries will not enter it in Form 4797, Part II, Line 10

Forum|Forum|5 years ago
May 30, 2021
2 replies
16 views

The sale is reported on Form 1099-B. On disposition, the program indicates that a 0 should be entered as the sales price, a 0 for basis and to use the Form 1099-B to report the sale.

Can anyone help?

Gerry Robertson

ProSeries Professional

This topic has been closed for replies.

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PSixx

Level 2

Anyone has the answer for this question? Otherwise, how can I enter the recapture for the ordinary income portion of the disposition in ProConnect? thank you in advance!

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linduca1216

Level 6

How did you end up resolving this? I have a final K-1 from Energy Transfer for 2021 tax year.

Entering gain subject to recap is a negative amount (per instructions) results in a long-term loss. Trying to get it to appear on 4797, Part II Line 10 is the trick.

Another issue: I separated the various components on separate K-1s in the past but do not plan on doing that with the final disposition.

L

linduca1216

Level 6

clarification: trying to get "it" meaning the recapture amount onto form 4797. Am thinking I may need to override sales amount and show zero basis on part II, line 10.

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