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This thing does a k-1 to my knowledge.People forget that.Do not buy in IRA if income from k-1's is greater that $1000 or you are in trouble.UBTI
This is wrong. Income from a royalty trust is specifically exempted from the Unrelated Business Income rules for IRA's.There are other reasons to question the advisability of putting a tax-advantaged investment in a tax-advantaged account, but UBI is not one of them.
IRAs are custodial account. The custodian takes care of all the Tax paperwork if there is any.