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Los Angeles AAII. The Partnership. www.pfnewsletter.com/www.kci-com.com Login/Password: nile/lucy. Why Did We Care?. Really Simple – They Paid Us, Not Just Themselves. Petrol Paid. Businesses With Benefits. Loonie Flies Again…………. (Bigger Dividends Down South).

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slide2

The Partnership

www.pfnewsletter.com/www.kci-com.comLogin/Password: nile/lucy

tax leakage
Tax Leakage?
  • Pensions/Deferred
  • Foreign Tax Treaties
  • Liberals
    • Limits on Ownership
    • 15% Withholding
  • Tories
    • Full Corporate Tax
    • Corporate Tax Cut
tax time
Tax Time
  • 2011
  • Not All Trusts
    • Utes, Property, Non-Traditional Trusts
  • Foreign Revenues
  • Deductions/Tax Pools
  • Not Going Away
    • Tories/Liberals/Bloc Quebecois
    • Regional Leadership
but wait there s more
But Wait There’s More
  • Not Good
  • New Additional Petrol Tax/Alberta
    • 25 to 33% Net Revenue
    • Sands Now @ 1%
  • Cutbacks Threatened 30-40% (Encana)
  • Traditional Petrol Not Protesting
how play out
How Play Out?
  • Change Books/Reduce Dividend
  • Convert to Corporation
  • Sell Out?
  • Partnership – US, Canada
    • More to Follow……………..
what still works
What Still Works
  • Conversions
    • VET-U
  • Utes
    • BAM
  • Real Estate
    • CAR-U, NPR-U
  • Non-Trust Trusts
    • Hybrids
still in the herd
Still In The Herd?
  • Arc:AET-U/AETUF
  • Vermilion:VET-U/VETMF
  • Yellowpages:YLO-U/YLWPF?
  • Can.Apt.Trust:CAR-U/CDPYF
  • Arctic Glacier: AG-U/AGUNF
trust combos nobody knows
Trust Combos Nobody Knows
  • More Than a Stock
  • More Than A Bond
    • Atlantic Power (AGNUF)
    • TimberWest (TWTUF)
    • Medical Facilities (MFCSF)
    • Keystone North America (KYSNF)
what s next
What’s Next…………..
  • Become A Partner
  • Pass Though
  • Not Just Canadian
  • Global/Multi-Industry
then now
Then & Now
  • ‘70s-’80s
  • Tax Abuse/Shelters
  • Tax Reform of 1986
  • End and Start of Partnerships
simple structure
Simple Structure
  • Pass Through
  • US/Global
  • Multi-Industry
    • Energy
    • Real Estate
    • Other Cashflow Industries
publicly traded partnerships
Publicly Traded Partnerships
  • No Corporate Tax.
  • High Cash-Flow Businesses.
  • Pass Through — High Yields.
  • Variety Of Industries.
  • Good Deal On Taxes. (90-10)
  • US and Global
publicly traded partnerships22
Publicly Traded Partnerships
  • Trade On Exchanges.
  • Limited Partner (LP) and General Partner (GP).
  • Typically Yield 6 to 10 Percent.
  • Distributions Growing 15 To 20%.
  • Tax Advantage – Deferral & Death Deal.
  • “Spin-downs” = Growth+ Income.
tax treatment not torture
Tax Treatment Not Torture
  • Average 80 to 90% Return Of Capital
  • Reduce Cost Of Capital In PTP.
  • No tax on Return of Capital (ROC) until Sell.
  • K-1 forms and 1099
  • Estate/Trust Advantage
partners that pay
Partners That Pay
  • Breitburn (BBEP) 6+%
    • Enerplus Partners – Pending………………..
  • Enterprise (EPD) 6.3%
  • Linn (LINE) 7.2%
  • Macquarie (MIC) 7%
  • Tortoise Capital/Infra (TTO)/TYG 6-6.5%
  • Legacy (LGCY) 7.5%
toronto again
Toronto Again…
  • AGF Master Limited Partnership (Toronto: AFP-U also, OTC: AGFRF)
  • Multi-Manager Limited Partnership I (Toronto: MMN-U also, OTC: MMPUF)
  • Mackenzie Master Limited Partnership (Toronto: MKZ-U also, OTC: MCKZF)
  • Amalgamated Income Limited Partnership (Toronto: AI-U) also, OTC: AILXF)
slide36

The Partnership

www.pfnewsletter.com/www.kci-com.com

Login/Password: nile/lucy