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There will be income. It's a partnership which means you're taxed on your share of the income regardless of whether you get a cash distribution or not.
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Is there any way of determining this non-distributed income? Is this non-distributed income a function of one's MLP holding period?

Hohum

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Every year the partnership has to give you a Schedule K-1, which shows your share of the partnership's income or loss, and other reportable transactions.

And also be aware, unlike stocks, your basis in your partnership changes every year (increased for income, decreased for losses and distributions). So it's a good idea to keep your K-1s for as long as you own the partnership, and for 3+ years afterward (depending on the statute of limitations in your state).

Bill
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