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1. Generally only partnerships generate UBI from operating a business or debt financed rental real estate. So I would say that REITs would not generate any UBI since REIT's are not a pass through entity like a partnership.

2. Generally all you are told is the amount of ther UBI to report like you are now by your MLP - just a line item on the K-1 in the supplemental info area.

Thank you very much. I appreciate hearing that from an actual CPA.
You were very kind to let me know that information.

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