In an article by Jeff D. Opdyke in Thursday WSJ titled "Energy Boom Fuels a Rise In Partnerships - 'MLPs' Post Strong Returns, But Higher Interest Rates, Tax Complexities Are Concerns", the I found the following info which I was not yet aware.
 Merrill Lynch & Co. Inc. late last month launched a new weekly research report tracking MLPs. So far this year, the Merrill index of a dozen MLPs is up about 6%, not including dividends, outpacing the Dow, which is down about 1% in 2005.
 there is a new closed-end MLP fund - the Fiduciary/Claymore MLP Opportunity fund [FMO]. The older and previously discussed MLP funds are the Tortoise Energy Infrastructure fund [TGY], and the Kayne Anderson MLP fund [KYN].
Dang - forgot to check - but I think the above article forgot to list muni bonds as also being a trigger. And did it list owning an expensive house and thus having high property taxes as a deduction - and losing that with the AMT?
The gist of the problem with MLPs [or PTPs] and the AMT:  MLPs give you deductions and the AMT takes some of them away.  Selling a MLP tends to trigger disproportionate cap gains do to MLPs cost basis adjustments - and outsized cap gains trigger AMT - specially for people who are already in danger [or are on the threshold of AMTs] due to already having high deductions.
A second article [ http://www.nysscpa.org/cpajournal/1998/0298/dept/ft298.htm ] discusses a third subject -  how capital gains are treated differently under the AMT. This article discusses real estate limited partnerships - but I beleive it to also be applicable to pipelines because the subjec is depreciation. [Another article discusses the need for dual book-keeping - lost that URL.]
Geo - google for "AMT partnership" and you will find 128,000 articles. Or just ask your CPA when you pick up your tax return next month. Unless you are investing BIG bucks in EPD and other MLPs - you probably do not have a problem.
And one more 'DANG' while I'm at it - when you change the subject - CHANGE THE SUBJECT LINE in your post too. I may not be able to spell etiquette - but I know when it is lacking - and posting questions about AMT under "WSJ article" is wrong! DANG!
Sorry i still don't understand. What in the sale trips the AMT. In all the articles I've read(and there were many) none ever referenced an AMT issue. Yes part of the gain will be ordinary income but I still don't understand the AMT issue.