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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).

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Los Angeles AAII

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  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

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