High yields, low taxes, growth potential--what’s not to like? Fortune has reported that investments in publicly traded master limited partnerships (MLPs) rose from $40 billion to $400 billion in the last 10 years.

Nevertheless, getting both the high cash flow and the modest tax bite is not simple. Advisor Craig Carnick of Carnick & Kubik in Colorado Springs uses the word “nightmare” to describe the possible results of holding MLPs.

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