I admit I Ihave LNCO in my IRA because I really don't know why I would be better off with the K1 form and LINE.
I have not heard anyone explain why LINE even in a regular account.
Keep it simple is my preference.
Income from LINE is tax deferred in a regular taxed account. That is the advantage of LINE. The income in effect lowers your tax basis. So you don't pay any tax on the income until you sell the shares. And then the tax is on a capital gain not as regular dividend income. If you never sell the shares, you never pay a tax. The LPs actually keep track of your cost basis and the total amount of income they paid you during your ownership ofthe stock. So when you sell the shares the LP sends you a form with all that info which makes convenient when doing the tax return.
Owning LINE in an IRA or ROTH makes no sense since the income in those accounts is either tax deferred in the Ira or completely not taxed in a Roth. You would be better off owning LNCO in a Roth or Ira. That is where I have it.
As for the problems caused by the K-1 when held in a taxable account that is way over blown. I know tax preparers like to make you think it is a big problem for them since that allows them to charge you more. That I believe is a ripoff. The income tax software any modern tax preparer uses has the ability to handle the required data entry. It only takes a few extra minutes to do the data entry.
I have never used tax preparer. I use Kiplinger's Tax Cut program which has a section for easily entering all the K-1 data and printing out the appropriate forms with all the data properly entered.