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Posted by nearly_blind on March 16, 2007, 10:35 pm
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I owned the exchange traded oil fund USO in my traditional
IRA last year (2006).
Apparently its really a L.P. or publically traded
partnership (PNP) and I just received Schedule K-1 from USO.
Do I need to include this info in my 2006 return or can I
avoid this because it was held in an IRA?
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Posted by Phoebe Roberts, EA on March 17, 2007, 5:56 pm
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nearly_blind@yahoo.com wrote:
> I owned the exchange traded oil fund USO in my traditional
> IRA last year (2006).
>
> Apparently its really a L.P. or publically traded
> partnership
Grrrr. I always yell at brokers who do that.
It belongs to the IRA, and has absolutely nothing to do
with your tax return. If the IRA has enough UBTI (Box 20,
Code V), your IRA might have to file a tax return, and pay
tax. If you didn't know that already, your IRA has no
business owning PTPs.
Phoebe :)
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Stuart A. Bronstein on March 18, 2007, 2:37 am
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> It belongs to the IRA, and has absolutely nothing to do
> with your tax return. If the IRA has enough UBTI (Box 20,
> Code V), your IRA might have to file a tax return, and pay
> tax. If you didn't know that already, your IRA has no
> business owning PTPs.
Can an IRA have UBTI? An IRA's exempt purpose is to invest
and to grow. What could be unrelated to that and still
generate income?
Stu
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Stuart A. Bronstein on March 19, 2007, 2:42 am
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>> It belongs to the IRA, and has absolutely nothing to do
>> with your tax return. If the IRA has enough UBTI (Box 20,
>> Code V), your IRA might have to file a tax return, and pay
>> tax. If you didn't know that already, your IRA has no
>> business owning PTPs.
> Can an IRA have UBTI? An IRA's exempt purpose is to invest
> and to grow. What could be unrelated to that and still
> generate income?
Sorry, I thought you said URBI.
Stu
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Phoebe Roberts, EA on March 19, 2007, 2:42 am
Please log in for more thread options Stuart A. Bronstein wrote:
> Can an IRA have UBTI?
Yep. http://www.aicpa.org/PUBS/jofa/april97/taxbrfs.htm has
a quickie explanation. UBTI is also the reason IRAs
generally don't invest in real estate; the profits there are
all from leverage, and mortgaged real estate kicks off UBTI.
Phoebe :)
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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