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Buckeye Partners, L.P. Message Board

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  • rjraecek rjraecek Nov 27, 2009 4:10 PM Flag

    Thinking of Buying SXL

    Could you elaborate on that issue?
    I have been hesitant on adding mlp's to my IRA because of the K1 filings. Since that "income" is reported via the Fed's, you would have to pay up-front taxes (K1) on the distributions. Of course any gains paid on plain equities do not have to be reported as "Income" if you are not drawing income from the IRA.

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    • goodness... MLP boards get this question more times than we can shake a stick at... y'all's most reliable source of info would be from contacting the MLP directly... state what type of an investor that y'all are, whether tax exempt or individual, buy & hold or trader... myself, it makes more sense to hold an MLP outside of an IRA, to take advantage of the tax break, as the higher one's income, the higher the tax... to me, an IRA is for those investments that are much more risky, to where i may not wish to hold as long as it would take, for more favorable tax liability... read the following legal mumbaljumbo...

      Ownership of limited partnership units by employee benefit plans, other tax-exempt organizations, non-resident aliens, foreign corporations, other foreign persons and regulated investment companies raises issues unique to such persons and, as described below, may have substantially adverse tax consequences. Employee benefit plans and most other organizations exempt from federal income tax, including individual retirement accounts and other retirement plans, are subject to federal income tax on unrelated business taxable income. Much of the taxable income derived by such an organization from the ownership of a limited partnership unit will be unrelated business taxable income, and thus will be taxable to such a unitholder.

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