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One of the regular readers of this blog asked me about MLPs (Master Limited Partnerships). In many ways, MLPs are like REITS. They pay no income tax if they pass through all of their income to shareholders. However, since these trusts are technically partnerships they also pass through expenses and tax benefits. Many of these were issued in the 80's as a type of tax shelter. Long since then the tax benefits have been used up and now they are simply income vehicles. Most MLPs own the royalties associated with oil and gas wells.
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