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My son and I own shares of FGP which is a publicly-traded limitd partnership in our IRAs. Should we be doing anything with the information on the K-1s we receive each year ? Will we need that information in the future ?

Be very careful. If either of you should generate more than $1000 in UBI within your IRA, the IRA will have to file a 990-T return and pay tax. Your K-1 should disclose how much UBI was generated. You might want to retain this in case of any future questions from the IRS.

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