Income Taxes and Record Keeping ( tax ) Message Board

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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )

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To: Terry Lyon who wrote (718)	3/7/1998 12:27:00 PM
From: Brendan W	Read Replies (2) of 5810

Short answer is "no". You wrote: "My first question is can I just report the income as a dividend and neglect the rest as I presume they include tax writeoffs?" You can be allocated gains by the partnership that exceed your distributions and you could owe taxes in that case beyond the level of distributions. At the time you decided to invest in a publicly traded partnership you decided that you wanted a competent CPA to do your taxes.

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