UBTI from a partnership held in IRA
I received a K-1 from a energy partnership that showed an amount for cancellation of debt. The research I found indicates I have to report this on form 990-T and pay tax on it. The amount in box 20v is about $300,000 !!! The tax is over $100,000 and I did not get a penny from this partnership. Is this right?
Permalink Submitted by Ben Meyer on Thu, 2018-06-28 21:19
How does the amount in box 20v compare with your original investment? Also, are you a limited partner and not a general partner?