Master Limited Partnerships (MLPs) have grown in popularity in recent years due to their strong income yield, preferred tax treatment, the American energy production boom, and, more recently, a Trump administration friendly towards the energy sector. They also tend to have low correlations with most other asset classes, making them a strong diversifier when used within a properly allocated portfolio. Unfortunately, they also come with tricky tax treatment, especially when held in an IRA, making caution warranted.