If you hold a Limited Partnership or LLC in your IRA then any Unrelated Business Income in excess of $1,000 is taxable (even though it is in an IRA). It is not reported on your tax return but on a 990-T form. (The custodian of your IRA is required to file the form for you but you must submit the K-1 form(s) to them - ask the custodian about this).
Unrelated Business Income is reported as code "V" in box 20 on the K-1 form.
Also see pub 598.
http://www.irs.gov/publications/p598/ch01.html
If you hold a Limited Partnership or LLC in your IRA then any Unrelated Business Income in excess of $1,000 is taxable (even though it is in an IRA). It is not reported on your tax return but on a 990-T form. (The custodian of your IRA is required to file the form for you but you must submit the K-1 form(s) to them - ask the custodian about this).
Unrelated Business Income is reported as code "V" in box 20 on the K-1 form.
Also see pub 598.
http://www.irs.gov/publications/p598/ch01.html
NOTHING that happens inside an IRA is ever reported on an income tax return ... that is why they are referred to as tax shelters. ONLY distributions from an IRA are reported on a tax return.
UBTI on your K-1 in your IRA LP should be reported if you are a member of the Trump campaign
@bretrower - Off topic for a K-1 box 8 question on a 2 year old question.