Blackstone to Incure Tax Troubles for the Little Guy

Buried in their prospectus we have this little gem that will prevent me from buying into this IPO I think.

Deep in its IPO prospectus, Blackstone warns that it will most likely
require longer than 90 days after the end of its fiscal year to obtain the
information from its lower-tier entities so that K-1s may be prepared.

"Consequently, holders of common units who are U.S. taxpayers should
anticipate the need to file annually with the IRS (and certain states) a request
for an extension past April 15 or the otherwise applicable due date of their
income tax return for the taxable year," according to the firm.

So that means that they won't be able to give you a K-1 in time for you to file your taxes by April 15. This may be good for those procrastinators but I would hate to have to file an extension year after year just to show that I got an extra $50 in dividends from a foreign source or something like that.

Too bad they can't end their fiscal year in an off quarter like Microsoft does. Oh well I guess I'm going to dodge this IPO unless the dividends are especially juicy. Or maybe I'll just nibble in their LEAP options once they become available instead of purchasing their shares directly. In any case their fancy partnership setup is not for the retail investor.