i would have never believed that yahoo could've been resurrected. i knew as soon as yahoo finance boards were changed (for the better, mind you, for the first time since inception), that something was brewing. with apple falling flat on its face and ebay slowly turning into a third rate relic and google and boring has been, yahoo just might be something to watch in the future. they have the right CEO, i can tell you that...
it has been for over a year and half. since i have owned the stock, this exact thing has happened 3 times. each time clmt lost 4-5% for the day only to gain it all back in a week or two. hope that is exactly what is in store this time.
my personal position on K-1 reporting or any reporting for that matter with regard to an IRA account (except for distributions, that is) is that I am not doing it. come what may, i'm not dealing with it. i'm not going to report it. the whole idea of having an ira is to not pay taxes until distribution. fwiw, i'm no accountant, tax pro or lawyer, i'm just stating my own way i'm going to handle it if it comes up.
seriously, who are you to give advice to people here as if they were children who don't know when and who to ask questions?
i bought when i saw all the insider buying about 1.5 years ago. there was just some more significant insider buying recently. apparently those insiders who bought clmt recently don't agree with your feeling that they will "be hurting" sometime this year, fwiw.
don't be ridiculous, but yes, i'd rather do my own surgery. remember this: things are not nearly as complicated as people think, and more importantly, "professionals", at least most of them, would in general do a good job at things IF they took the time and had the time to do things right and really cared about what they do. unfortunately, you'd go starving trying to find just such a person. i've seen it over and over again. professionals botch jobs almost constantly.
i disagree completely. folks who ask advice on message boards are do it yourself'ers who know what they are doing or at least know when to get professional advice and when not to. if you want something done right, you HAVE TO do it yourself, period. i can't tell you how many professionals completely messed up, from lawyers to numerous doctors. "professionals" are vastly overrated. if you can, do it yourself.
I'm curious: when you say "partial sales" do you mean partial sales of a lot bought at one time (in other words i bought 1000 shares on tuesday and then i sell 800 of them, whilst still holding 3000 bought 5 years ago) or do you mean any sale that is not the entirety of your MLP holdings? thanks.
thanks for the helpful information. there are so many reasons not to sell, and this is yet another one, along with the stepped up basis estate issue you mention above (though you will account for the fmv minus your basis of the shares on your estate tax return). my main concern was the LTCG issue. that being resolved, generally and favorably, i'm inclined to hold on to the shares.
and also, not that it is very relevant to what we are discussing, but someone hear mentioned that once you get to zero basis, distributions are taxed as ordinary income, not capital gain.
thanks for the reply. i've tried to wrap my head around all the various issues to consider and they are too many for me. essentially, its a trade off: you pay 15% on 50k ($7500) today in order to avoid paying 35% on that same money over a period of years. there are many issues and a lot of complexity. i thought there might be some general rule that people in the field know about, but i bet there isn't: let's face it, MLPs are designed to throw off distributions, not to increase the stock price. in a typical MLP, the stock price doesn't change i'd imagine, and therefore the deferment of tax by treating distributions as a return of capital reducing your basis is a welcome one. but when you have your MLP gain over 100% in a year and a half, it complicates matters because it would seem that the "tax advantage" may not be such an advantage at all.
What i mean to say is that right now, I can pay LTCG rates on $50k ($7,500) by selling and buying back or not sell and let distributions reduce my basis in the stock so that when i sell eventually all my gain is ordinary income taxed at 35% ($17,500). that was my thinking, anyway.
my reasoning, though i'm not able to think it through completely, was to take advantage of 15% tax rate on a substantial gain i have rather than a 35%+ rate down the road on that same gain (i.e., as distributions "convert" that LTCG into ordinary income).
That is my reasoning and would like to get some input. I guess its not everyday that an MLP generates a 100%+ gain, but that is exactly what happened here.
i have over a 100% gain in clmt, not including distributions. it is LTCG. anyone have any thoughts on the tax benefits of selling it, taking the LTCG and then repurchasing it?
are you serious? inflation went through the roof, but trust me, nobody was giving away their hotels or houses for a gold coin....