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It's the favorable tax treatment of MLP distributions (as capital gains vs ordinary income) that has me interested in learning more about them. I agree they aren't appropriate for an IRA.
Some of your K-1 return will be interest (taxable ordinary income) and some will be considered return of capital (not taxable, but reduces your tax basis). When you sell, some of your revenue will be taxed as capital gains and some as ordinary income. How much is not something I could ever estimate in advance and only had the last year's K-1 as a guide. That's a major reason I no longer own any. Especially since the taxation of qualified dividends is taxed at your long term capital gain rate (0-23%).
Thanks, y'all! Your points jibe with my further reading, so yeah, I think I'll pass on going down this road. Even without the still unknowns -- to me, anyway -- about potential state income taxes, I don't think I want to fuss with the rest of it. Appreciate your feedback!