Yes, for Capital Gain or Loss. No, for Ordinary Gain. Note, even though you sell at a loss, ordinary gain may be substancial of course depending on how long you hold your MLP stock. Ordinary gain is depreciation capture.
Propane has had a bad year, according to an ETP CEO interview on Mad Money. He said that is highly unlikely to happen two years in a row. I'm happy collecting the dividend while NRGY inches up again. I guess it depends on where you bought, but c'est la vie if you bought much higher. I have made a lot of money on MLP's Cramer mentioned on his show (and others I found researching Cramer picks) and I appreciate Cramer's books and his charitable trust portfolio service. If you blindly buy any stock touted by anyone, you need to look into the mirror to find who is responsible. Cramer will be the first to tell you he is not always correct. He does not receive money for stocks mentioned, contrary to your implied libel.