A master limited partnership is taxed like a corporation.

Question

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Master Limited Partnerships (MLPs) are not taxed like a corporation. They are considered pass-through entities, meaning that the tax liability passes through to the individual investors who own units or shares in the MLP. This means that MLPs do not pay federal income tax at the corporate level, and instead, the owners of MLP units report their share of the partnership's income or loss on their personal tax returns.

A Master Limited Partnership Is Taxed Like a Corporation