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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (69316)	12/14/2021 7:19:10 AM
From: Ditchdigger	1 Recommendation Recommended By CusterInvestor Respond to of 78444

I'll keep you posted Paul. Actually looking back at my records the 990-T was issued for tax year 2019. Introductory letter stating it was being filed because my ubti was over $1000. My memory wasn't to good, I have the form in front of me.Line 31 $262 . Line 39 UBTI states $0 Form says I would owe the amount shown on line 54 "Tax Due" $0 A lot of calculations shown, but bottom line seems to be it didn't need to be filed. I'm with TD, so maybe it was filed due to them being bought out? I also sold 400 shares of EPD on 01/02/20(@28.20), $1100 capital gain shown on gains keeper. Had no tax issues due to the sale.(trad. ira) All that said, I'm done with mlp's for simplicity's sake ;)

To: Paul Senior who wrote (69316)	12/14/2021 12:36:07 PM
From: LTBH	Respond to of 78444

"But the negative UBTI has to be kept track of" That's my understanding from past discussions and the method of preserving is IRS filing for each year its negative. Also from those discussions, negative UBTI is MLP specific, ie can't use As negative to offset B. I have read a few accounts of folks apparently getting away with all sorts of tomfoolery .... throwing taxable account K-1s in the trash and never filing them, not sending IRA K-1s to brokers (understand [BWDIK] IRS position is its your responsibility to ensure broker has all required data), not providing Broker(s) with multiple IRA holdings, etc, If believable, I take these as ok for someone else to attempt an IRS showdown, I certainly would not. Be advised, use with caution as none of the above is personal experience and I am not a professional tax advisor. Luck LTBH