CORRECTION of last paragraph... should read:
LNCO preferred in ROTH now because of tax free nature of the ROTH & the high dividend of the distribution which will be 100% taxable in the IRA on DISTRIBUTION... capt_bill - Ò¿Ó¬
Hold LNCO in a ROTH and all distributions are tax free for life. Hold LNCO in an IRA and it will only be taxed as regular income as it is distributed from the IRA as cash to you - Hold LINE in an IRA or ROTH - you will be subject to UBTI taxation even while it is in the tax deferred confines of the IRA/ROTH. UBTI comes in 2 forms, K-1 line 20V UBTI reported annually by the MLP to you the owner. that adds up over all MLP's held in the IRA/ROTH and is reported & paid annually - it does not add up over the years. AT THE TIME OF SALE - you must figure the UBTI generated in EACH MLP SOLD that year - in all cases you have a $1,000.00 exemption to cover all UBTI for that year... LNCO is NOT subject to UBTI as they pay the taxes before distribution to you.
Which is worth more depends on whether you hold it in a TAXABLE account or an IRA/ROTH. Taxable account you have considerable tax advantage for LINE which does not apply when held in IRA/ROTH - LNCO is great for either IRA or ROTH - No K1 and regular income - especially great for ROTH because the great dividends are TX FREE in the ROTH...
LNCO preferred in IRA now because of tax free nature of the ROTH & the high dividend of the distribution which will be 100% taxable in the IRA on distribution.
capt_bill - Õ¿Õ¬
payable on 12/18 here is link to LINE/LNCO home page / investor relations -
capt.bill - Õ¿Õ¬
ps: those looking for ballots - I use FOLIOfn - I voted 2 weeks ago - I thought the deadline was 12/12 but that may have been with FOLIO not with LINE/LNCO...
Caution: Don't be a yield chaser on these - they will get hurt - look at LINE/LNCO - and know to stay away from the Upstream MLP's - that 12% yield for a year can go away in 1 trading day - LNCO, BBEP, QRE, EVEP & VNR - have all been sold on my 10% stop loss orders in the last 2 weeks. There will be a time to buy but not until after the SEC is done looking at the dust in the corners of the ledgers.
capt.bill - Õ¿Õ¬
actually - it ccould be worth a lot more than .4% - Remember - they will issue a 1099 not a K-1.
With the K-1 you will also be responsible for NON RESIDENT STATE INCOME TAXES on your K-1 earnings for each state the MLP works that has a state income tax. Texas does not, Florida does not - there are many others - You can bet - if you are loaded up on MLP's issuing k-1's - that the states will get the final closure of the MLP and may ding you pretty hard for unpaid state income taxes. Begins to make LNCO look pretty darned good - along with AMLP and a few others...
capt.bill - Õ¿Õ¬
LNCO as the parent is accepting the paperwork - paying the taxes on it for us - therefore they do not issue a K-1 as LINE does. LNCO will issue a 1099 because the UBTI taxes are no longer a concern - LNCO will be good for IRA ROTH OR TAXABLE accounts because of the lack of UBTI... I'm using both in ira and roths.
great income & I'm leaving these MLP's in the accounts to be inherited at my passing and the kids will benefit from a step up in value to the price at my death - They will NOT owe taxes on 10 or 20 years of accumulation so I really don't give a rip if I have a tax preferred instrument in a tax preferred account...
His problem, as stated, HE DOESN'T HAVE ANY EARNED INCOME. Without earned income you are not allowed to make your annual deposits to the IRA or the ROTH.
BUT - if he has an IRA he can roll over how ever much he wants into the ROTH but he will have to pay regular taxes for the year for what ever he takes out of the IRA which will include the roll over and also his R.M.D. if he is that old....
Sentiment: Strong Buy
IF you have a traditional IRA you are allowed to take out of your IRA what ever amount you wish and do a direct roll over to the ROTH - REMEMBR though - if yoou are over 70-1/2 years old the roll over to the ROTH must be over and above your required min dist... IRS will verify this...
Sentiment: Strong Buy
Based on my call to corporate - they are return of capital and are not taxed as regular income but will however reduce your investment and therefore when you ultimately sell your units will be taxed as long term capital gains. IF you are looking for investments in MLPs that avoid the K-1 also look at EEQ and one of the Kinder Morgan issues (Ibelieve it's KMR) - I hold LNCO LINE KMR KMI KMP IN BOTH ROTH AND IRA and a new issue my first venture into ETF's AMLP which issues a 1099 instead of a K1 and there is NO worry about UBTI taxation because Alerian pays those taxes (if any) before you get your distribution - good luck guys... I second the TURBO TAX advantage when dealing with K-1's - they really simplify the entire matter - with 29 K-1's received so far I have over $3000.00 of negative UBTI vs NO taxable UBTI from line 20V... and remember - the first $1,000.00 of taxable UBTI is forgiven - I've never had more than $75.00 of UBTI ever.
capt.bill - Õ¿Õ¬
From the Ohio D.N.R. news letter this morning:
"Record Boat Registrations in 2009
The popularity of recreational boating has reached new heights as Ohio had a record of 419,364 recreational boats registered in 2009. Our previous record of 418,300 occurred in 2003. Counties with the highest numbers of registered boats in 2009 included Franklin (26,586), Cuyahoga (23,972), Summit (19,320), Hamilton (17,971) and Montgomery (15,239). Registrations increased in all but seven counties from 2008 to 2009."
They are obviously still buying boats up north...
It almost seems like the shorts got burned when they covered and disappeared...
The past employees have moved on in their lives and hopefully secured gainful employment.
Merry Christmas & Happy New Year to one and all -
Come Spring you will see more activity on the board - Stock is making nice headway on the upside
We can hope the down sizing and belt tightening is about over - sure would be nice to see the marine industry take a positive turn this spring - boating helps take the stress out of your everyday pressures...
WElcome to N.W. Ohio and the Erie Islands area...
I've done the Michigan thing and can affirm the Erie location as premier - Service will not be a problem and I'm certain contacts with Marine Max Clearwater will bring a response to fill in your questions or doubts...
I know 2 Marine Max current mechanics and they are both reponsible, good people with lots of knowledge and training behind them. I don't know any of their local sales or management people any longer.
From the Catawba Island area you have a wide range of cruising grounds and islands to visit/enjoy - Leamington Ont is a personal favorite - Ford Y.C. on Grosse Isle is another. Join a Y.C. with an AYC card and cruise/visit the many AYC clubs in & around the area - AYC clubs are very gregarious and you will meet many new cruising friends. An AYC card is a KEY to many very nice clubs.
I'll be glad to help you anyway I can - read your charts carefully - there are many dangerous areas for boats this size if you don't know exactly where you are.
Spring is coming - get a dock confirmation that will handle your draft safely - Ignore the local landscape until spring - Its amazing how this area will come alive with some sunny 70 degree days and leaves on the trees. Join a local YC during the winter & get to know some local boaters who can fill you in on the "IN" spots for cruising and dining. (Sandusky YC has a beautiful restaurant in the clubhouse & the food is decent)
if I can be of any help don't be bashful to get in touch...
Middlebass - CONGRADULATIONS -
I'm back up north since 5/10 - e-mail firstname.lastname@example.org - don't want to give out phone numbers on the board -
I'll e-mail back cell # & we can converse with more intelligence than here -
where is the boat now...? Clinch River...? what power...? what equipment...? how old/new...? has it been surveyed including mechanical...? fresh water boat or saltwater in her veins...? How soon do you need this done...?
middlebass - good afternoon - I'm down to the condo finally - nice weather - I see it is currently 21 deg F up home - that stinks - spent the day working on the boat - ready to go for the winter now - capt.bill
Smith - Do you own a house you will have to sell...? - I'll second what PARIS said - I spent 8 years with M.M. - loved every minute of it - good people - only met 3 or 4 in 8 years that I had very little respect for - worst of the lot was a dist mgr who always had his head where the sun don't shine -
Bill McGill believed 100% in the concept from the start - in '07 when I left due to a store closing there were many "good people" at the stores and in HQ... Many have been hurt badly since '07... I'm sure all of us would gladly thur the calendar back to '97/'98.
Have you read Nouriel Roubini's 2/5/08 - 12 stages to a financial meltdown...? If not go to RGE monitor and locate the post.
We are through stages 1 to 9or10 at this point - Where in the world do you see financial strength - where in the US do you see the fundamentals that would lead to a vibrant boat retail/manufacturing business - use your head.
Actually - I've traded long positions in such a scenario - but you have to follow a stock very closely and have a crystal ball that does not lie... going long with a down stock with a huge short position can be very rewarding on the slightest hint of good news - when the shorts cover it can be a thrilling ride... and then you bail out quickly when you can't stand any more fun... personally don't believe the economy can handle such a move right now.
I've been 100% cash for 10 months now.
Glad to see you are still hangin in there -
There is no way top boat makes more money than you - I've seen your lifestyle... yeh right....
Give me a call some day - assume all is well with you
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good luck everybody - capt.bill
take a look at EMC MSG #53050 and then follow it with 53191 & 53203....
53191 & 53203 are the messages that got me looking at RISK/REWARD and after a week of soul searching lightened up 75% of all tech and by spring of 2001 was 100% cash.
remember: gtpers - soriggto - phillip2
anyway it was a memory jogger - look at some of the old names & prices for EMC in the 130's.
WOW - take care my friend - e-mail if you wish would be good to hear from ya and know where your mind is at these days.
STU - yep I figured that out this morning about 09:00 - was departing a dock for another ERIE adventure and it just popped into my mind - these over 65 memories are hard to predict, you know they are stored somewhere but you just can't figure which neuron to nudge to bring it all back.
Good to hear from ya - YES I'm still doing the big boat thing for the ultra wealthy as a retirement gig. The condo in fla got wiped out by Charley on 8/13/2004. spent Nov & Dec 2005 finishing up the place and just returned north 4/24.
getting the urge to do some bargain shopping but my mind is not in it like 6 years ago.
don't think I'd really know a bargain if it slapped me up side the head. Those 5 year high yield c.d.'s bought in 2000 & 2001 started to mature last summer and I'm really pleased with the way the yields are coming up.
Another 1% upside & I'm going to go back to 5 year stuff from the 6 & 12 month I've been getting... ho hum - nothing like the rush of the old days and getting the 2 for 1 splits tho... Those were heady days for sure and I think guys like Sir Bruce must have gotten slammed. He was so HOT on NTAP at 100 bucks a share & I refused to buy back in at 5 bucks.... where is the LOGIC...?
Anyway - recognized your handle & had to say howdy - E-mail me some time & update me as to where your mind is at the last 12 months...
capt.bill - grins.