Other Federal Regulation
Background While the MLPA's federal activities are primarily concerned with maintaining and improving the tax treatment of MLPs, there are times when other regulatory agencies take actions that single out MLPs or are of particular interest to them. At such times,...
| August 13, 2015
SEC Regulation of Short Sales
Background A short sale involves the sale of a security that the seller does not own. In order to deliver the security to the purchaser, the short seller will borrow the security. Later, when the price has dropped, the seller...
| August 13, 2015
FERC Regulation
Background A growing number of publicly traded partnerships own interstate energy pipelines, which are regulated by the Federal Energy Regulatory Commission (FERC). Both the construction of new pipeline systems and the rates charged to carry oil, gas, and petroleum products...
| August 13, 2015
IRS Private Letter Rulings on Qualifying Income Under I.R.C. 7704
Background A private letter ruling (PLR) is a letter that is issued by the IRS to a taxpayer in response to the taxpayer’s request for clarification of the law as it applies to a specific situation. Managers of PTPs and...
| August 13, 2015
Facilitating Investment by Mutual Funds
Background For a number of years (1997-2004) the Association’s federal efforts were focused on changing a provision in the tax code which makes it difficult for publicly traded partnerships to sell their securities to mutual funds. On October 22, 2004,...
| August 13, 2015
Adding Renewable Fuels to Qualifying MLP Activities
Background In order to receive partnership tax treatment, publicly traded partnerships are required to obtain 90 percent of their income from specific activities outlined in section 7704 of the tax code, including "natural resource activities." (Click here for a more...
| August 13, 2015
Report of the 2005 President’s Advisory Panel on Federal Tax Reform
Background Early in November 2005 the President's Advisory Panel on Tax Reform issued its report and recommendations for making the tax code "simpler, fairer, and more conducive to economic growth." The report provides two possible tax reform options: a "Simplified...
| August 13, 2015
August 2010 Report of the President’s Economic Recovery Advisory Board
On August 27, 2010, the President’s Economic Recovery Advisory Board (PERAB) issued a report on tax reform, titled “The Report on Tax Reform Options : Simplification, Compliance, and Corporate Taxation.” The report includes a section, beginning on page 74, on...
| August 13, 2015
National Commission on Fiscal Responsibility and Reform Report
On December 1, 2010 the National Commission on Fiscal Responsibility and Reform, a bipartisan commission charged with developing recommendations for dealing with the growing federal budget deficit, issued a report dramatically entitled, “The Moment of Truth.” Although the report did...
| August 13, 2015
Possible Treasury Department Proposal
The Association received information at the end of April regarding a tax reform proposal being considered within the Administration that would threaten PTPs and a number of other passthrough entities as well. We have learned from reliable sources that Treasury...
| August 13, 2015
