K-3, Smart Worksheet

[linduca1216]

For line B on the Foreign Transactions Smart Worksheet, should it include Net LT gains?  I imagine so.

Where do I find the "See Tax Help on how to make entries below"  below the Foreign Transactions Smart Worksheet.   I tried right-clicking on the different cell lines but that didn't provide me with what I needed.

Entries are very small in amount... don't even know if it's worth the trouble....

[sjrcpa]

LTCG distributions from US mutual funds are not foreign, even if it is a foreign fund.

I don't have the cite for this.

What kind of LT gains do have that you think they may be foreign?

[linduca1216]

It's on the Partnership K-1.  The K-1's address is Bermuda.  The only Ordinary dividends are from Bermuda and Canada per the supplemental schedule.  Brookfield Renewable Partners.....

[linduca1216]

ps I agree about mutual funds... but this seems different.  It is incorporated in Bermuda...

[linduca1216]

There is a schedule K-3 that needs completed.

Here's some brief info about the partnership:

..no active business income...it .receives various types of passive investment income, such as interest, dividends and return of capital, from subsidiary corporations that carry on business in various jurisdictions.

The amount of interest, dividends and returns of capital that is earned and then allocated to unitholders will vary depending upon the particular business unit(s) from which funds are sourced. The source of funds for the distributions will also affect how much if any of the distributions are subject to withholding tax.

[sjrcpa]

I agree. It sounds like it's foreign source income.