It's great to see someone with expert tax knowledge contributing to this board. Can you give us the benefit of your knowledge on UBTI relative to IRAs. More specifically:
1. Can you net postive and negative UBTI for different MLPs to stay under the $1000 limit?
2. Can you carry forward negative UBTI to be used to offset positive UBTI in future years?
3. Does the limit apply separately to Traditional vs Roth IRAs or is the limit $1000 for all IRAs regardless of type.
4. Can you deduct depletion and IDCs when calculating UBTI? One of the E&Ps (EVEP) seems to do this for you by subtracting those figures from operating income and using the result as UBTI. None of the other E&Ps do this AFAIK.