I am going to get to pay some income tax on an MLP I own some units in that bought back a bunch of its debt at a steep discount.
Debt forgiveness income that flows to the unitholders.
Not one of my better investments, LOL. The share price is 1/10 of what I paid, although I did get most of my initial investment back in distributions prior to the late 2014 oil price collapse.
Hopefully the federal and state taxing bodies put the million (billions?) of tax receipts that have resulted from US E & P debt forgiveness to good use.
Folks, the tax ramifications matter a lot. That’s why I am hammering on about the income tax net operating losses.
I haven’t been able to get anyone to engage me on the NOL issue yet.
Never did have anyone poke a hole in my 2015 well breakeven calculations either.