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Lev, Tax Advisor
Category: Tax
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Experience:  Taxes, Immigration, Labor Relations
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Recieved a K1 on Proshares Ultrashort Bloomberg Crude Oil ETF.

Customer Question

Recieved a K1 on Proshares Ultrashort Bloomberg Crude Oil ETF. In box 11, code C shows other income of $30,040. Is this all reported as oridnary income.
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.
I assume that is K1 (1065)The amount reported in box 11, code C is related to Sec. 1256 contracts & straddlesOn your tax return - report that amount on form Form 6781, line 1 as income - assuming it is reported as positive amount.
Expert:  Lev replied 6 months ago.
Follow instructions and that amount will be transferred to line 4 and line 11 of Schedule D of that amount will be reported as ordinary income,and 60% will be reported as long term capital gain...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.