Can anyone explain to me why Schedule K exists? Nominally I am a partner in an oil services company in the Permian Basin. But it generates income (and a pretty decent ROI, at that, or I would sell it just to simplify tax returns) pretty much like any other stock. Why is it special?
It's likely a MLP, a Master Limited Partnership. You called yourself a partner in it. That means as a partner, not a share holder, you have to report your share of all the expenses and profits, etc. That's what the K-1 reports. You have a tax accountant that handles it for you, yes?
ReplyDeleteBecause the leftists who make tax law hate oil and love taking your money?
ReplyDeleteI have done my own taxes every year since I was filling in the forms on a typewriter. It keeps me in touch with the absurdity of the bureaucracy.
DeleteI have always done my own taxes, and firmly believe that the Constitution should require all federal elected officials to do their own federal and state income tax forms personally, without any help, assistance or tax software, every year. Have a taste of their own stinking medicine.
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