> **FICTITIOUS DOCUMENT — FORGE DEMO ONLY · specimen data built for a product demonstration · no real family, firm, fund, bank, or person is depicted**

> FICTITIOUS DOCUMENT — FORGE DEMO ONLY

# K-1 Tracker — Tax Year 2025

**Wrenfield Family Office** · rendered Tue 2026-07-21

**Expected: 6 · Received: 4 · Missing: 2 · Amended: 1**
**States in play: 6 across 2 entities · 8 entity–state pairs** (each pair = a state where that entity has
sourced income). MA, NY, CA and CT each appear on **exactly one** K-1. The roster records no expected states
for either missing K-1, so **8 is a floor, not a total.**

One row per **received** K-1, each reconciled against the office roster
([k1-roster.md](../../../office/spine/k1-roster.md), the source of truth for what's expected).
Recipient entities resolved against [entities.csv](../../../office/spine/entities.csv).

**"From the drawer"** is the name the file actually arrived under, reproduced exactly, subfolder and all.
Not one of those names identifies its partnership, its recipient entity, or its amended status — every field
below was read from inside the document.

| From the drawer | Partnership | Recipient entity | Date received | States | Amended? | Filed in the pack as | Status |
|---|---|---|---|---|---|---|---|
| `FW_ tax docs.pdf` | Sturgis Valley Cider | Wrenfield Holdings LLC | 2026-03-09 | MT | No | `Wrenfield-Holdings_Sturgis-Valley-Cider_2025.pdf` | Clean |
| `Copy of K1_2025_FINAL(2).pdf` | Cormorant IV | Ellencourt 2012 Descendants Trust | 2026-04-02 | DE, NY, CA | No | `Ellencourt-2012-Descendants-Trust_Cormorant-IV_2025.pdf` | Clean |
| `document (3).pdf` | Kestrel Lane | Ellencourt 2012 Descendants Trust | 2026-05-21 | CT, MT | No | `Ellencourt-2012-Descendants-Trust_Kestrel-Lane_2025.pdf` | Clean |
| `to file/scan_06302026.pdf` | Blackford III | Wrenfield Holdings LLC | 2026-06-30 | DE, MA | **AMENDED** | `Wrenfield-Holdings_Blackford-III_2025-AMENDED.pdf` | Clean |

## State exposure — what the K-1s in hand put in play

Each row is one **(recipient entity × state)** pair: a state where that entity has sourced income for 2025.
Apportionment is quoted only where the K-1 states it. This table reports what the documents say; it is not
tax advice, and nothing here says a return is due, late, or owed.

| Recipient entity | State | From which K-1 | Apportionment as stated | Only K-1 carrying this state? |
|---|---|---|---|---|
| Wrenfield Holdings LLC | DE | Blackford III (amended) | ~78% of Box 1 | no — also Cormorant IV (other entity) |
| Wrenfield Holdings LLC | MA | Blackford III (amended) | ~22% of Box 1 | **yes** |
| Wrenfield Holdings LLC | MT | Sturgis Valley Cider | single state — all of Box 1 | no — also Kestrel Lane (other entity) |
| Ellencourt 2012 Descendants Trust | DE | Cormorant IV | 55.0000% · $1,017,500 | no — also Blackford III (other entity) |
| Ellencourt 2012 Descendants Trust | NY | Cormorant IV | 30.0000% · $555,000 | **yes** |
| Ellencourt 2012 Descendants Trust | CA | Cormorant IV | 15.0000% · $277,500 | **yes** |
| Ellencourt 2012 Descendants Trust | CT | Kestrel Lane | ~62% of Box 1 | **yes** |
| Ellencourt 2012 Descendants Trust | MT | Kestrel Lane | ~38% of Box 1 | no — also Sturgis (other entity) |

**8 pairs · 6 distinct states · 2 entities.** Neither missing K-1 has expected states on the roster, so this
table can only grow when they arrive.

## Notes

- **The most consequential K-1 was the least visible one.** Blackford III arrived last (2026-06-30), inside
  a subfolder named `to file/`, under the scanner's own name `scan_06302026.pdf`. Nothing in that name says
  K-1, says Blackford, or says its **Amended** box is marked. It is the only K-1 in the 2025 set carrying
  **Massachusetts** — the state is stated in the document's own footnote (2), which puts the partnership's
  nexus in Delaware and Massachusetts and sources the partner's Box 1 approximately DE 78% / MA 22%. Against
  the restated Box 1 of **$970,000**, the MA share works out to roughly **$213,000** *(derived here from the
  K-1's stated percentage — the K-1 itself gives the percentage, not the dollar)*. No office entity is
  organized in Massachusetts ([entities.csv](../../../office/spine/entities.csv)).
- **A duplicate arrived and was counted once.** `Copy of K1_2025_FINAL(2) - Copy.pdf` (2026-04-06) is
  **byte-identical** to `Copy of K1_2025_FINAL(2).pdf` (2026-04-02) — confirmed by hash, not by the name —
  so it is the Cormorant IV K-1 arriving a second time, not a fifth K-1. The earlier arrival is the tracked
  one; the copy stays where it sits in the received folder and is not packed. **10 documents arrived; 4 K-1s
  are tracked** — 4 K-1s × (PDF + HTML twin) = 8, plus the 2-file duplicate.
- **All four received K-1s reconcile clean against the roster** — recipient entity, states, and amended
  status match, and the Box 1 / interest / dividend anchors tie to the roster figures (Cormorant IV
  $1,850,000 · Blackford III $970,000 · Kestrel Lane $2,310,000 · Sturgis Valley Cider $1,240,000).
- **Blackford III supersedes its original.** Box 1 was restated to $970,000 following a partnership-level
  management-fee reallocation; the amended copy is the one in the handoff pack. The roster already expects
  this K-1 amended, so it is not flagged as a mismatch.
- **Date received** is the file's arrival date in the received folder (`office/grace/`) — the K-1 form itself
  carries no received date. Where a K-1 arrived twice, the **earliest** arrival is the one recorded.
- **Name note (not a conflict):** the Kestrel Lane K-1's *issuing partnership* is named "Kestrel Lane LLC"
  (box B), and the office also holds an entity named "Kestrel Lane LLC" — but they are distinct. This K-1's
  *recipient* (box F) is the Ellencourt 2012 Descendants Trust, which matches the roster's "Kestrel Lane"
  row. The office's Kestrel Lane LLC entity is the recipient of the still-missing Harrow Point RE II K-1.

See: [missing list](missing.md) · [handoff cover sheet](handoff/COVER-SHEET.md)