IRS Can Expect Blowback From MLP Income Guidance

By Eric Kroh (May 6, 2015, 5:32 PM EDT) -- The Internal Revenue Service on Tuesday released proposed regulations on qualifying income for master limited partnerships that in some cases redraw the lines for activities that qualify for the preferential tax status, and experts say the agency will see pushback from industries that the regulations left out.

The regulations are wide-reaching, not only addressing service providers to the oil and gas industry but also providing an exhaustive list of what activities qualify for MLP treatment along the entire process of mineral and natural resource production, from the exploration, development, mining and processing of resources to refining, transportation and marketing.

In some...

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