Absence Of Final MLP Status Rules Sowing Uncertainty
By Vidya Kauri (September 8, 2016, 9:23 PM EDT) -- Final regulations on how service providers in the oil and gas industry can qualify for preferential tax treatment as master limited partnerships have been anticipated for some time, but experts say their failure to materialize is leaving taxpayers who may be impacted by changes in a state of uncertainty.
The Internal Revenue Service proposed controversial regulations in May 2015 on qualifying income that would allow service providers to be treated as MLPs, which are taxed only at the partner level rather than both at the corporation level and partner level, but it has received feedback that its proposals are too restrictive and...
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