What are Master Limited Partnerships (MLPs)

MLPs are publically traded partnerships, which benefit from growing production of U.S. energy sources through their involvement in energy infrastructure. To qualify to be treated as a partnership for U.S. federal income tax purposes, MLPs must derive at least 90% of their gross income each year from qualifying activities such as extraction, transportation, processing, and storage of fossil fuels (oil, natural gas) and certain marketing of fossil fuel byproducts. As a result, MLPs are not subject to income taxes at the partnership level; rather they allocate to unitholders (investors) their representative share of income, which is typically less than the annual cash distributions received by unitholders.

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