A decade ago, master limited partnerships (MLPs), were a favored investment class for income investors. They have unique tax advantages that resulted in significant advantages over other income equities. In a nutshell, MLPs aren’t taxed at the corporate level. MLPs pass profits directly to unitholders in the form of periodic distributions. This arrangement avoids the double taxation of corporate income and dividends affecting traditional corporations and their shareholders and, all things being equal, should deliver more money to unitholders.…

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