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Posted by nearly_blind on March 19, 2007, 2:42 am
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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?
> Although I am not familiar with that particular entity, I
> think the answer is who is the shareholder/investor in it.
> Whose name is on the K1 should help to determine if it is
> taxable to you or not.
>
> You may want to consult with your CPA/tax advisor.
Thanks to all :)
My K-1 form shows my name/address for Part II-H "Partner's
name", but for the "Partner's Identifying Number" in Part II
- G is not my SS/TaxId it is the TaxId for my IRA account
broker, e.g. charles schwab. Also there's no UBTI income
shown in Part III-20 and the other amounts in Part III are
all small (< $100). So based on your responses I can ignore
the IRA K-1 on my return.
I know several other friends/colleagues also owned USO (a
hot stock last year) in there non-IRA accounts. Many of them
already filed their 2006 returns and were surprised to
receive a 2006 K-1 from USO this week. An important lesson
is don't buy an exchange traded fund unless you verify that
it is not a "partnership".
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