Replying to an earlier question about how to find what your UBTI value is on a K-1 form:
Each K-1 for a particular investment like an MLP has a designated box (#20, Code V, even though it's not clearly labeled as such) that shows your share of the reporting entity's UBTI for that year (assuming it has UBTI). You don't have to calculate it yourself by looking at distribution amounts or anything else. Just check the amount in Box 20V to see whether you're below or above the threshold $1000 figure.
By the way, as I understand it, the tax-exempt allowance is $1000 per year for ALL UBTI within a particular IRA, and NOT $1,000 of UBTI for each individual K-1 holding that a person might have in their IRA, if they have more than one such investment. So if you have more than one K-1 with UBTI in a particular IRA, you'd need to add those totals together for a given tax year to see where you stand.
