CrossAmerica Partners (CAPL) issues a Schedule K-1 to all unitholders. CAPL distributes motor fuel across the eastern US. If your basis calculation doesn't reconcile with your K-1, the answer may be buried in a Form 8937 from a restructuring you forgot about — or never knew happened.
By Lucas Andersen — Last updated March 6, 2026
CAPL’s restructuring history makes basis tracking especially important. → Track your CAPL basis free
CAPL was not always CrossAmerica Partners. It was originally formed as Lehigh Gas Partners LP, then renamed. Along the way, CAPL has gone through multiple organizational actions — name changes, restructurings, distribution reclassifications, and entity-level transactions. Each of these events potentially triggered a Form 8937 (Report of Organizational Actions Affecting Basis of Securities) that adjusted your cost basis.
The problem: your broker may or may not have applied these adjustments. If you acquired CAPL units years ago under a different name, your starting basis may be different from what you think. If your CAPL basis calculation doesn’t reconcile with your K-1 — especially the Section L capital account analysis on page 2 — check CAPL’s investor relations page for historical Form 8937 filings. Each organizational action (restructuring, distribution reclassification) can trigger a basis adjustment that compounds forward through every subsequent year.
CrossAmerica Partners K-1s are typically available by mid-to-late March. CAPL uses Partner DataLink (not Tax Package Support) for K-1 distribution — access at partnerdatalink.com/CrossAmerica. K-1 support: [email protected] or (855) 820-0421.
CAPL is a motor fuel distribution MLP, primarily operating across the eastern US — Pennsylvania, New Jersey, New York, Virginia, and other eastern states. It distributes gasoline and diesel to convenience stores and retail fuel stations. Similar business model to Sunoco LP (SUN), though smaller in scale and with a more concentrated geographic footprint.
CAPL distributes approximately $0.5250/unit per quarter (~$2.10/year annualized — verify against your actual K-1). Worked example: 400 units at $22/unit ($8,800 basis). At an illustrative 65–80% return of capital, basis erodes ~$1.37–$1.68/unit per year. After 5 years: IRS-adjusted basis approximately $5,440–$6,060 vs broker’s $8,800 — a gap of $2,740–$3,360 (31–38%). If you held through a restructuring, the gap could be even larger if Form 8937 adjustments were missed.
Like SUN, CAPL is a fuel distribution MLP — not a fee-based pipeline operator. Fuel distribution can generate higher ordinary business income (Box 1) than midstream MLPs. If you hold CAPL in an IRA and Box 1 exceeds $1,000, your IRA must file Form 990-T and pay UBTI tax. See our MLP in an IRA: UBTI guide for details.
CAPL operates primarily across eastern US states: Pennsylvania, New Jersey, New York, Virginia, Maryland, and others. Check your K-1 state supplement for exact allocations. The year of sale is especially important — disposition gains can push additional states above filing thresholds.
Not checking Form 8937 for historical restructuring adjustments. Using your original purchase price as basis without accounting for organizational actions. Confusing CAPL with its former name (Lehigh Gas Partners). Not adjusting for distribution reclassifications that changed ROC vs taxable income splits retroactively. Holding in an IRA without monitoring UBTI exposure.