@JamesChen You understand correctly: the partnership's investment in straddles transformed much of your long term gain into a short term gain. For what its worth, most MLPs don't report straddle income, let alone make it their primary business. But apparently that's most of what USO does, so the holding period becomes important if you focus simply on the tax rates.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
