Replies to post #525 on Energy Transfer LP (ET)

[Prudent Capitalist]

I only hold MLP's and LP's in tax deferred accounts. But, you are correct, if you have a computerized tax program it is not bad. When I first got a K-1 on Kinder Morgan Partners (KMP) it was years ago when I was doing our returns myself and filling in the 1040 by hand. The K-1 that year was complicated, so I turned it over to the CPA in the family and have been using the CPA ever since. The 990-T issue and UBTI is there either way, but it has only been in the last couple of years that the whole 990-T return filed by the trustee where the shares are held could filter down to holders in a tax deferred account and you could be assessed a fee for the CPA work in addressing the issue on behalf of the partnership. Right now, it all seems to tie back to when ETP was merged into the parent and tax credits and other implications flowed from the ETP partnership into the parent and entity which now trades as ET.