We own interests in two MLPs, but overall I would also not
recommend it unless you have someone who is willing to
prepare the tax return and is knowledgable in the area.
This can also complicate the members taxes as their are
special rules they will need to be aware of (for example the
passive loss rules if the MLP has a loss). The
distributions should be entered as a return of capital in
bivio.

Good Luck

IraS1@aol.com wrote:
> Good luck!
>
>
>
> Obviously, you have to wait for the K-1 from the MLP to arrive. Figure that will be in early March. Then you will have to transfer the information from that K-1 to your Form 1065. You will probably have to prepare the return manually since the MLP is likely to have entries on lines which have not been programmed into the investment club tax preparation program. You will also have to figure out how to make the appropriate entries into bivio since MLP cash distributions are not the same as the routine dividends corporations pay. Of course, your club members will be clamoring for their K-1s so they can file their personal returns.
>
>
>
> All in all, I would not recommend investment club's holding MLP interests. The headaches just aren't worth it.
>
>
>
> Ira Smilovitz
>
>
>
> In a message dated 01/31/03 11:41:28 PM Eastern Standard Time, j_visconti@bivio.com writes:
>
>
>
> How is owning shares in a MLP (Master Limited Partnership)
>
> going to effect doing the books for Tax purposes??  How will
>
> it effect the K-1's that must be distributed to every
>
> member??  I know I have to wait for the K-1 from the MLP but
>
> what is the next step??  Can anyone point me in the right
>
> direction??  A website, anything??
>
>
>
> Thanks,
>
>
>
> Jay Visconti
>
> Ladies and Men in Green Retirement Assoc. (LA MIGRA)