This post is part of a series in which TheStockAdvisors.com asked financial experts to name their top stock pick if McCain or if Obama wins the election.

"Given Obama's statements regarding raising qualified dividend and long-term capital gains, tax-deferred dividend income, like that provided by master limited partnerships (MLPs) such as Kinder Morgan Energy Partners (NYSE: KMP), should look very attractive," Carla Pasternak, editor of High Yield Investing.

"Under Obama, the current Bush tax cuts would appear to have little likelihood of being extended, suggesting that dividends will again be taxable as ordinary income, at a tax rate of up to 35%. Capital gains will also be taxable at the top rate of 20%.

"However, the corporate structure of master limited partnerships generate cash flow that's considered a return of capital. Instead of being taxed as a regular dividend, returns of capital instead reduce your cost basis -- meaning you won't have a tax liability until you sell the security.

"Typically, MLPs pay out around 75-90% of their distribution as tax-deferred return of capital. The balance is treated as taxable income, even in an IRA type of account. For that reason, MLPs are suited for a taxable brokerage account.

"Almost any tax-advantaged MLP could protect your portfolio from the higher tax rates. I've zeroed in on Kinder Morgan because of its superior dividend yield of around 7.5% and strong dividend growth history fueled by growing cash flow.

"Kinder Morgan is one of the largest owners and operators of energy-related pipelines and storage facilities in the U.S.