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MLP Insight - US Tax Reform Impact on PTPs
The 2017 tax reform reconciliation act, signed into law December 22 by President Trump, will significantly affect many US taxpayers including those in the energy sector and businesses operating in partnership solution. Here is a brief summary of select provisions that are most relevant to PTPs and their investors, including provisions that are specific to partnerships as well as other provisions with broader applicability.


Changes to partnership audit and adjustment procedures
A provision of the Bipartisan Budget Act of 2015 (the “Budget Act”), which is expected to be signed into law by the President in the coming days, amends the Internal Revenue Code to make significant changes to the audit and adjustment procedures that apply to partnerships.


Electronic delivery of K-1s
IRS issued Revenue Procedure 2012-17 providing the requirements that partnerships must follow to distribute K-1s electronically.


IRS revenue procedure 2012-17
The requirements center on providing partners with a means to opt into electronic delivery. The partnership can forego paper K-1s only for those partners who have opted in and must continue to provide paper K-1s to all other partners.


May 17, 2017 - MLP Spring Tax Executive Roundtable
Legislative Update on current issues facing our industry.


April 19-20, 2017 - MLP Tax Technical Seminar
High level overview of how MLPs differ from other partnerships, refresher on tax technical items critical to all partnerships and specific detail on the interaction between MLPs and partnership provisions in Subchapter K.


April 20, 2017 - Partnership Tax Quick Reference Card
Card to quickly reference the Internal Revenue Code Sections that are relevant to the Master Limited Partnership space.


February 10, 2017 - BBA of 2015 and Final Regulations around Partnership Audit Rules
Proposed regulations regarding the implementation of the partnership audit and adjustment provisions of the Bipartisan Budget Act of 2015. 


February 3, 2017 - Indirect Foreign Investments in MLPs - 871(m) / 1260
Treasury’s finalized regulations that impact non-US investors who synthetically invest in MLPs.


January 27, 2017 - Final Regulations under Section 7704(d)(1)(E)
The IRS issued final regulations under Section 7704(d)(1)(E) addressing qualified income derived from minerals or natural resources by a publicly traded partnership.  


PTP NewsBytes – 2nd Quarter 2016
In this issue

  1. MLPs and IRC Section 514
  2. United Airlines, Inc. v. FERC
  3. Update: State Filing Tax Year 2015

PTP NewsBytes – 1st Quarter 2016
In this issue 

  1. The Final and Proposed Regulations under §706(d) Will Effect Some 
    Publicly Traded Partnerships Starting in 2016
  2. Update: State Filing Tax Year 2015
  3. Private Letter Ruling Summaries
  4. PwC MLP Upcoming Events

November 2, 2015 - New Law Makes Significant Changes to Partnership Audit and Adjustment Procedures
A provision of the Bipartisan Budget Act of 2015 (the “Budget Act”), which is expected to be signed into law by the President in the coming days, amends the Internal Revenue Code to make significant changes to the audit and adjustment procedures that apply to partnership.

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