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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Asked about the entity that had the CODI. The answer: the

Customer Question

asked about the entity that had the CODI. The answer: the entity was a MLP and the COD income was reported in Box 11 E on the 2015 K - 1
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: I gave a full explanation in my first entry - I am only answering Mark's question.
JA: Is there anything else the Accountant should be aware of?
Customer: No
Submitted: 1 month ago.
Category: Tax
Expert:  Mark Taylor replied 1 month ago.

Hi, this is Mark again. I will get the information off the previous question. Please give me a moment.

Expert:  Mark Taylor replied 1 month ago.

Ok I had the other question closed. Please verify that the second charge was reversed.

Expert:  Mark Taylor replied 1 month ago.

Line 13J would be used for a research and experimental expenses. 20V would be increasing income. It would not be an offset to COD income.

Expert:  Mark Taylor replied 1 month ago.

What generated the COD income?

Customer: replied 1 month ago.
I have read your answer regarding off setting CODI listed in 11 E of a K-1. CODI is not considered passive income and therefore needs to be reported in the tax year the event happened. My question is can I use 13 J (other deductions: Sec. 59 (e) (2) and losses listed in 20 V (UBTI) to offset the gain. Is there anything else I can look for?
Expert:  Mark Taylor replied 1 month ago.

13J is related to research and experimental expenses. Did you have research and experimental costs that were capitalized? UBTI is unrelated business income derived from an exempt organization. I do not see show either one of these will apply.

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