1 / 36

Los Angeles AAII

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).

benjamin
Télécharger la présentation

Los Angeles AAII

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Los AngelesAAII

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

  3. Why Did We Care?

  4. Really Simple – They Paid Us, Not Just Themselves

  5. Petrol Paid

  6. Businesses With Benefits

  7. Loonie Flies Again………….(Bigger Dividends Down South)

  8. Then One Dark Hallows’ Eve………

  9. Tax Leakage? • Pensions/Deferred • Foreign Tax Treaties • Liberals • Limits on Ownership • 15% Withholding • Tories • Full Corporate Tax • Corporate Tax Cut

  10. 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

  11. 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

  12. How Play Out? • Change Books/Reduce Dividend • Convert to Corporation • Sell Out? • Partnership – US, Canada • More to Follow……………..

  13. What Still Works • Conversions • VET-U • Utes • BAM • Real Estate • CAR-U, NPR-U • Non-Trust Trusts • Hybrids

  14. 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

  15. Trust Combos Nobody Knows • More Than a Stock • More Than A Bond • Atlantic Power (AGNUF) • TimberWest (TWTUF) • Medical Facilities (MFCSF) • Keystone North America (KYSNF)

  16. What’s Next………….. • Become A Partner • Pass Though • Not Just Canadian • Global/Multi-Industry

  17. Then & Now • ‘70s-’80s • Tax Abuse/Shelters • Tax Reform of 1986 • End and Start of Partnerships

  18. Simple Structure • Pass Through • US/Global • Multi-Industry • Energy • Real Estate • Other Cashflow Industries

  19. Making Partner Pays

  20. Replacement Petrol Performers

  21. 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

  22. 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.

  23. 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

  24. Growing Market

  25. Distribution Growth - Not Dilution

  26. 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%

  27. 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)

  28. What Lucy Really Wants…

  29. Sell It and Lease It Back

  30. The Forgotten: Infrastructure?

  31. Coming Up FromDown Under:

  32. Real Flyers

  33. A New Genesis of a Castle

  34. Another Ship That Sailed

  35. Tankers

  36. The Partnership www.pfnewsletter.com/www.kci-com.com Login/Password: nile/lucy

More Related