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I would like to invest in master limited partnerships (MLPs) for their high yield, but would like to avoid their tax complexities. If I buy exposure to MLPs through an ETF or mutual fund, will that abstract away the need to process individual K-1s and constantly adjust the basis of my holdings, do RoC calculations, etc.? While these calculations may not be that bad for a single MLP, when you're constantly buying and selling multiple MLPs, the accounting work would seem to be overwhelming.

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