As for Dunkey, Have many MLP's for years, never an audit. Regarding dillution, so what, they always use the money to come back stronger. This is based on 10 years of ownership. There was a clown named Billy who used to write the same stuff about KMP. Missed all the money and returns that we all made. Keep it coming Donkey we need the amusement factor.
I have owned MLPs for years, never been audited. I actually got a letter from the IRS a few years ago with a small refund as I had slightly overpaid on one of my MLPs (refund on overpay was minimal, but reassured me that my tax paying metholdology was conservative)!
I think Donkegon has some sort of axe to grind, perhaps he sold short on the tragic passing of Dan Duncan...perhaps he is an ex-employee (disgruntled).
I do know that if I had to sell off nearly all of my MLPs, EPE/EPD would be one of the last ones I sell because of the shear breadth and depth of the assets, management team, financial stability. Sure, you might find MLPs that grow faster for a short period of time, but EPD is a real machine and I am happy to sit back and collect my EPE distributions.
I think my Tax Accountant charges me more as he may have to chase around info, fill out more forms etc. MLP's are the BEST investments I've ever had, and I thank my old wise friend for suggesting them, and I always recommend them to friends.