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You can own master limited partnership shares in a retirement account.

The standard advice of the tax professionals here is not to do it, because of the possibility of having to pay tax on Unrelated Business Income.

I own shares ON Oneok, not in a retirement account. For 2009 UBI was a negative number. I own it in a taxable account. If I owned it in my IRA, I wouldn't have to mess with the K-1's at all, as long as UBI doesn't go over $1000.

Not clear to me is if there are several LMPs in an IRA, does the negative UBI in one cancel another that might have gone over that $1000 mark?

Best wishes, Chris
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