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Linn Energy, LLC Message Board

  • ronharv ronharv Oct 15, 2012 4:41 PM Flag

    Linn and UBTI

    Linn has had UBTI losses the past several years. They were especially large last year. These losses (in an IRA, of course) can be carried forward for 20 years provided you're sure to get them reported on the 990-T and have it updated annually to keep the changing numbers current. That is, new losses should be added and gains should be subtracted as a cumulative accounting. It's up to you to ride herd on your broker, who won't voluntarily do this for you if you remain passive. (TD Ameritrade has the customer do the 990-T then send it in for their approval and forwarding to the IRS, which almost always accepts the broker's approval, as UBTI from IRAs is small potatoes.) Now with Linn ,you'll have these carryforward losses against possible future UBTI gains beyond $1,000. You'll need to attach a brief explanation of what you're doing with the 990-T because it's such an all-purpose form. If anyone cares, I'll post what lines get filled in for this, as most of the form is not IRA/UBTI relevant and will remain blank.

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