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re: can someone fill me in on the Tax implications on selling an MLP
Posted on 1/1/14 at 5:07 pm to b-rab2
Posted on 1/1/14 at 5:07 pm to b-rab2
NMM is a corporation for us tax purposes. You will be taxed like any other corporate stock sale (i.e., normal capital gains). Many of the shipping MLPs use that structure since they don't have any US assets and therefore owe no US taxes on their operations. You should have received a 1099 for divs from NMM rather than the usual K-1's MLPs generate.
Also, MLPs in an IRA can cause taxes to be due on the UBTI. I believe the first $1000 is deductible.
Also, MLPs in an IRA can cause taxes to be due on the UBTI. I believe the first $1000 is deductible.
1
Posted on 1/1/14 at 10:26 pm to txtiger79
quote:Good catch.
NMM is a corporation for us tax purposes.
quote:It is also possible that NMM filed a Form 8937 reporting non-dividend distributions requiring reductions in the basis per unit.
You should have received a 1099 for divs from NMM rather than the usual K-1's MLPs generate.
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