>>I am having a problem similar to the Pengrowth question
with several stocks that our club owns. We unexpectedly
received K-1's for these investments and I have asked Bivio
if there is any way to enter the data from the K-1 to
prepare our taxes. Bivio's reply is attached but basically
says to sell those stocks because of the complexity. I don't
see what good that would do since I am going to have to deal
with it for 2004 and 2005 even if I sell it today. Has
anyone dealt with a K-1 using Bivio in the past? Bivio has
always been helpful in the past but I don't much like this
response.

My standard response is less tactful than bivio's. Sell your MLPs/REITs/PTPs
IMMEDIATELY.
 
Yes, you are stuck with the problems of how to complete your tax return. You
will probably have to run the calculations by hand and manually edit all of
the K-1s. Your answers to the questions in Schedule B will be different than
the default ones. And you may find that you need to hire a tax professional
to complete your return.
 
Investment clubs should NOT invest in anything other than plain vanilla
common stock. Save the "exotic" investments for your personal portfolio.
 
Ira Smilovitz