Los Angeles AAII

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Los AngelesAAII
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The Partnership
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Why Did We Care?
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Really Simple They Paid Us, Not Just Themselves
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Petrol Paid
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Businesses With Benefits
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Loonie Flies Again.(Bigger Dividends Down
South)
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Then One Dark Hallows Eve
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Tax Leakage?

• Pensions/Deferred
• Foreign Tax Treaties
• Liberals
• Limits on Ownership
• 15 Withholding
• Tories
• Full Corporate Tax
• Corporate Tax Cut

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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

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But Wait Theres More

• Not Good
• New Additional Petrol Tax/Alberta
• 25 to 33 Net Revenue
• Sands Now _at_ 1
• Cutbacks Threatened 30-40 (Encana)
• Traditional Petrol Not Protesting

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How Play Out?

• Change Books/Reduce Dividend
• Convert to Corporation
• Sell Out?
• Partnership US, Canada
• More to Follow..

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What Still Works

• Conversions
• VET-U
• Utes
• BAM
• Real Estate
• CAR-U, NPR-U
• Non-Trust Trusts
• Hybrids

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Still In The Herd?

• ArcAET-U/AETUF
• VermilionVET-U/VETMF
• YellowpagesYLO-U/YLWPF?
• Can.Apt.TrustCAR-U/CDPYF
• Arctic Glacier AG-U/AGUNF

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Trust Combos Nobody Knows

• More Than a Stock
• More Than A Bond
• Atlantic Power (AGNUF)
• TimberWest (TWTUF)
• Medical Facilities (MFCSF)
• Keystone North America (KYSNF)

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Whats Next..

• Become A Partner
• Pass Though
• Not Just Canadian
• Global/Multi-Industry

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Then Now

• 70s-80s
• Tax Abuse/Shelters
• Tax Reform of 1986
• End and Start of Partnerships

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Simple Structure

• Pass Through
• US/Global
• Multi-Industry
• Energy
• Real Estate
• Other Cashflow Industries

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Making Partner Pays
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Replacement Petrol Performers
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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

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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.

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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

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Growing Market
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Distribution Growth - Not Dilution
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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

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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)

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What Lucy Really Wants
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Sell It and Lease It Back
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The Forgotten Infrastructure?
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Coming Up FromDown Under
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Real Flyers
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A New Genesis of a Castle
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Another Ship That Sailed
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Tankers
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The Partnership
www.pfnewsletter.com/www.kci-com.com Login/Passwor
d nile/lucy