Okay, that makes sense. Yes, I have a regular brokerage account and the Traditional IRA. I don't have a Roth, and don't want to open a new account at this time because I would only have enough to fund this one purchase for at least the next year or so (perhaps at some point in the future).
I have stayed away from purchases of MLP's due to the UBTI tax issues, but am looking at buying long-dated calls on some of these as there is relatively zero premium baked into the numbers, but the growth rate of the underlying company would serve for some moderate price appreciation. Honestly, the return would be maybe half of the regular appreciation plus dividends, but I don't know enough about handling the tax situation on the payouts to warrant taking that route.
Depending on your circumstances, generally speaking a Roth IRA has many benefits over a "Traditional" IRA. Do a side-by-side comparison, and then decide which one to fund. You can have both, but you are limited to a total maximum annual contribution that applies to both.
Yeah, I know there are benefits that weigh for the one over the other. I'm more in the camp that wants to let the money compound at as great a rate as possible, so don't want upfront taxes. As for taxes on distributions, by the time I retire I will be used to income tax for 40+ years. I don't think continuing along with that will be world-shattering. As an added bonus, I'd rather keep my money working for me now than having to hand it over to someone else. Let the gov't wait for it.