Has anyone seen this code before? It is one a K-1 1065 for an Oil and Gas PTP. The K-1 instructions do not cover it and there is no guidance that I can find.
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I don't know what "AH7" is, are you sure the "7" is part of the code? In general, code AH replaces the code Z used in prior years, it is a catch-all, so there should be some kind of statement identifying what is being reported.
One possibility is the new business interest limitation (Form 8990). A partnership may have amounts to report for Business Interest Expense and Adjusted Taxable Income, which might be needed if the 1040 filer is required to file 8990."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard -
I just got one but the codes only go up to AH4. It shows AH1, AH2, AH3, AH4 on the supplemental information sheet so I am assuming that is all that applied. Make sure you have ALL pages that accompanied the Form 1065. It should explain AH7 if it is on the K-1.Comment
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Thanks for the response. The code in Box 20 is labeled AH7 Gross Receipts. The PTP provided no instructions; stopped instructions at AH6. The business interest limitation is addressed on another box 20 code.Comment
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Unfortunately whoever prepared the K-1 instructions cut them off at AH6. It appears that the AH Series for this particular PTP Oil and Gas Partnership is an investment magnate for Not for Profit Organization that have invested in as a pension plan asset or an IRA. I am going to have the client call the PTP, so stay tuned.Comment
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