Stocks Announcement: 16 November 2022 - New Withholding Tax on Publicly Traded Partnerships (PTPs)

Internal Revenue Service (IRS) – New Withholding Tax on Publicly Traded Partnerships (PTPs) under Section 1446(f) of the Internal Revenue Code

FSMOne.com16 Nov 2022 3436 Views

Stocks Announcement: 16 November 2022 - New Withholding Tax on Publicly Traded Partnerships (PTPs)

The United States (US) Internal Revenue Service (IRS) has issued new regulations under Section 1446(f) of the Internal Revenue Code, which impose a new withholding tax on transfers by non-US persons of interests in partnerships that are engaged in a US trade or business.

With effect from 1 January 2023, a 10% withholding tax will be applied to (unless an exception applies):

· Gross proceeds on the sale of PTP interests; and

· Certain PTP distributions

It is important that you understand these tax implications and seek appropriate professional advice should you be unsure. As you may currently have products with PTP interest, please review your investment portfolio as soon as possible and take appropriate actions to avoid the possible impacts of holding such securities from 1 January 2023. Please refer to Appendix 1 for a non-exhaustive list of PTPs which are affected by the new withholding tax. iFAST Financial Pte Ltd (“IFPL”) assumes no responsibility for the timeliness, accuracy, and completeness of the list, which may be updated from time to time without prior notice.

For PTPs that are listed in Appendix 1, Buy Orders and Transfer-In Requests will no longer be accepted with effect from 10 November 2022 (US Trade Date). If a security is not listed in Appendix 1 but eventually identified as a PTP for which the new withholding tax applies, IFPL reserves the right to claim the withholding tax from you to satisfy the IRS withholding requirements.

Appendix 1: Publicly Traded Partnerships (PTPs)

EXCHANGE	SYMBOL	SECURITY NAME
NYSE	AB	ALLIANCEBERNSTEIN HOLDING LP
NYSE	AGQ	PROSHARES ULTRA SILVER
NASDAQ	ARLP	ALLIANCE RESOURCE PARTNERS LP
NASDAQ	ATAX	AMERICA FIRST MULTIFAMILY INVESTORS LP
NYSE	BBU	BROOKFIELD BUSINESS PARTNERS LP LIMITED PARTNERSHIP UNITS
NYSE	BEP	BROOKFIELD RENEWABLE PARTNERS LP
NYSE	BIP	BROOKFIELD INFRASTRUCTURE PARTNERS LP
NYSE	BNO	UNITED STATES BRENT OIL FUND LP
NYSE	BOIL	PROSHARES ULTRA BLOOMBERG NATURAL GAS
NASDAQ	BPYPO	BROOKFIELD PROPERTY PARTNERS LP
NASDAQ	BPYPP	BROOKFIELD PROPERTY PARTNERS LP
NYSE	BSM	BLACK STONE MINERALS LP
NYSE	CANE	TEUCRIUM SUGAR FUND
NYSE	CAPL	CROSSAMERICA PARTNERS LP
NASDAQ	CCLP	CSI COMPRESSCO LP
NYSE	CEQP	CRESTWOOD EQUITY PARTNERS LP
NYSE	CEQPp	CRESTWOOD EQUITY PARTNERS LP
NASDAQ	CLMT	CALUMET SPECIALTY PRODUCTS PARTNERS LP
NYSE	CORN	TEUCRIUM CORN FUND
NYSE	CPER	UNITED STATES COPPER INDEX FUND
AMEX	CQP	CHENIERE ENERGY PARTNERS LP
NYSE	CROC	PROSHARES ULTRASHORT AUSTRALIAN DOLLAR
NYSE	DBA	INVESCO DB AGRICULTURE FUND
NYSE	DBB	INVESCO DB BASE METALS FUND
NYSE	DBC	INVESCO DB COMMODITY INDEX TRACKING FUND
NYSE	DBE	INVESCO DB ENERGY FUND
NYSE	DBO	INVESCO DB OIL FUND
NYSE	DBP	INVESCO DB PRECIOUS METALS FUND
NYSE	DBS	INVESCO DB SILVER FUND
NYSE	DBV	INVESCO DB G10 CURRENCY HARVEST FUND
NYSE	DCP	DCP MIDSTREAM LP
NYSE	DCPpB	DCP MIDSTREAM LP
NYSE	DCPpC	DCP MIDSTREAM LP
NYSE	DGL	INVESCO DB GOLD FUND
NYSE	DKL	DELEK LOGISTICS PARTNERS LP
NASDAQ	DMLP	DORCHESTER MINERALS LP
NYSE	EPD	ENTERPRISE PRODUCTS PARTNERS LP
NYSE	ESBA	EMPIRE STATE REALTY OP LP
NYSE	ET	ENERGY TRANSFER LP
NYSE	ETpC	ENERGY TRANSFER LP
NYSE	ETpD	ENERGY TRANSFER LP
NYSE	ETpE	ENERGY TRANSFER LP
NYSE	EUFX	PROSHARES SHORT EURO
NYSE	EUO	PROSHARES ULTRASHORT EURO
NYSE	FISK	EMPIRE STATE REALTY OP LP
NASDAQ	FTAI	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NASDAQ	FTAIN	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NASDAQ	FTAIO	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NASDAQ	FTAIP	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
NYSE	FUN	CEDAR FAIR LP
NYSE	GBLI	GLOBAL INDEMNITY GROUP LLC
NYSE	GEL	GENESIS ENERGY LP
NYSE	GLL	PROSHARES ULTRASHORT GOLD
NYSE	GLP	GLOBAL PARTNERS LP
NYSE	GLPpA	GLOBAL PARTNERS LP
NYSE	GLPpB	GLOBAL PARTNERS LP
NASDAQ	GPP	GREEN PLAINS PARTNERS LP
NYSE	GSG	ISHARES S&P GSCI COMMODITY-INDEXED TRUST
NASDAQ	GYRO	GYRODYNE LLC
NYSE	HEP	HOLLY ENERGY PARTNERS LP
NYSE	IDIV	US EQUITY CUMULATIVE DIVIDENDS FUND - SERIES 2027
NASDAQ	IEP	ICAHN ENTERPRISES LP
NYSE	KOLD	PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS
NYSE	LAZ	LAZARD LTD
NYSE	MIC	MACQUARIE INFRASTRUCTURE HOLDINGS LLC
NASDAQ	MMLP	MARTIN MIDSTREAM PARTNERS LP
NYSE	MMP	MAGELLAN MIDSTREAM PARTNERS LP
NYSE	MPLX	MPLX LP
AMEX	NEN	NEW ENGLAND REALTY ASSOCIATES LP
NYSE	NGL	NGL ENERGY PARTNERS LP
NYSE	NGLpB	NGL ENERGY PARTNERS LP
NYSE	NGLpC	NGL ENERGY PARTNERS LP
NYSE	NRP	NATURAL RESOURCE PARTNERS LP
NYSE	NS	NUSTAR ENERGY LP
NYSE	NSpA	NUSTAR ENERGY LP
NYSE	NSpB	NUSTAR ENERGY LP
NYSE	NSpC	NUSTAR ENERGY LP
NYSE	OAKpA	OAKTREE CAPITAL GROUP LLC
NYSE	OAKpB	OAKTREE CAPITAL GROUP LLC
NYSE	OGCP	EMPIRE STATE REALTY OP LP
NASDAQ	PAA	PLAINS ALL AMERICAN PIPELINE LP
NYSE	PBFX	PBF LOGISTICS LP
NYSE	SCO	PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL
NYSE	SHLX	SHELL MIDSTREAM PARTNERS LP
NYSE	SIRE	SISECAM RESOURCES LP
NYSE	SMLP	SUMMIT MIDSTREAM PARTNERS LP
AMEX	SNMP	EVOLVE TRANSITION INFRASTRUCTURE LP
NYSE	SOYB	TEUCRIUM SOYBEAN FUND
NYSE	SPH	SUBURBAN PROPANE PARTNERS LP
NYSE	SPLP	STEEL PARTNERS HOLDINGS LP
NYSE	SPLPpA	STEEL PARTNERS HOLDINGS LP
NYSE	SRLP	SPRAGUE RESOURCES LP
NYSE	SUN	SUNOCO LP
NYSE	SVXY	PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
NYSE	TAGS	TEUCRIUM AGRICULTURAL FUND
NYSE	UAN	CVR PARTNERS LP
NYSE	UCO	PROSHARES ULTRA BLOOMBERG CRUDE OIL
NYSE	UDN	INVESCO DB US DOLLAR INDEX BEARISH FUND
NYSE	UGA	UNITED STATES GASOLINE FUND LP
NYSE	UGL	PROSHARES ULTRA GOLD
NYSE	ULE	PROSHARES ULTRA EURO
NYSE	UNG	UNITED STATES NATURAL GAS FUND LP
NYSE	UNL	UNITED STATES 12-MONTH NATURAL GAS FUND LP
NYSE	USAC	USA COMPRESSION PARTNERS LP
NYSE	USCI	US COMMODITY INDEX
NYSE	USDP	USD PARTNERS LP
NYSE	USL	UNITED STATES 12-MONTH OIL FUND LP
NYSE	USO	UNITED STATES OIL FUND LP
NYSE	UUP	INVESCO DB US DOLLAR INDEX BULLISH FUND
BATS	UVXY	PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF
BATS	VIXM	PROSHARES VIX MID-TERM FUTURES ETF
BATS	VIXY	PROSHARES VIX SHORT-TERM FUTURES ETF
NYSE	WEAT	TEUCRIUM WHEAT FUND
NYSE	WES	WESTERN MIDSTREAM PARTNERS LP
NYSE	WLKP	WESTLAKE CHEMICAL PARTNERS LP
NYSE	YCL	PROSHARES ULTRA YEN
NYSE	YCS	PROSHARES ULTRASHORT YEN
NYSE	ZSL	PROSHARES ULTRASHORT SILVER

Disclaimer: The list is by no means exhaustive and may be changed or updated from time to time.

All materials and contents found in this site are strictly for general circulation and informational purposes only and should not be considered as an offer, or solicitation, to deal in any of the funds or products found/identified in this site. While iFAST Financial Pte Ltd ("IFPL") has tried to provide accurate and timely information, there may be inadvertent delays, omissions, technical or factual inaccuracies and typographical errors. Any opinion or estimate contained in this report is made on a general basis and neither IFPL nor any of its servants or agents have given any consideration to nor have they or any of them made any investigation of the investment objective, financial situation or particular need of any user or reader, any specific person or group of persons. You should consider carefully if the products you are going to purchase are suitable for your investment objective, investment experience, risk tolerance and other personal circumstances. If you are uncertain about the suitability of the investment product, please seek advice from a financial adviser, before making a decision to purchase the investment product. Past performance is not indicative of future performance. The value of the investment products and the income from them may fall as well as rise. Opinions expressed herein are subject to change without notice. In respect of any matters arising from, or in connection with the said research analyses or research reports, recipients of the report are to contact IFPL at 10 Collyer Quay, #26-01 Ocean Financial Centre Building, Singapore 049315, or by telephone at +65 6557 2853. Where the report contains research analyses or research reports from a foreign research house and if the recipient of such research analyses or research reports is not an accredited investor, expert investor, institutional investor or an ex-accredited investor, IFPL accepts legal responsibility for the contents of such analyses or reports to such persons only to the extent as required by law. Please note that only certain security(ies) herein are available to all investors, while the rest are only available for certain persons to invest in, such as Accredited Investors (as defined in the Securities and Futures Act) or one who invests at least S$200,000 (or its equivalent currency) per transaction. To qualify as an Accredited Investor, one needs to submit a declaration form and certain relevant supporting documents, according to iFAST’s prevailing policies and procedures.

Please read our full disclaimers on the website at ( https://fsm.global/sg/policies/328125/investment-account-terms-&-conditions).

iFAST Financial Pte Ltd (IFPL) (registered address: 10 Collyer Quay #26-01 Ocean Financial Centre Singapore 049315, Telephone: 6557 2000) holds the Financial Advisers Licence issued by the Monetary Authority of Singapore ('MAS') to conduct regulated activities of advising on securities, marketing of collective investment schemes and arranging of any contract of insurance in respect of life policies, other than a contract of reinsurance and the Capital Markets Services Licence issued by the MAS to conduct regulated activities of dealing in securities and providing custodial services for securities. While IFPL has made every effort to ensure the independence of the report's contents, IFPL's nature of business is such that IFPL and its connected and associated entities together with their respective directors, officers and staff may be involved in providing dealing or investment-related services in the abovementioned securities, and have taken or may take positions in the securities mentioned in this report, and may also act as the principal for any buy or sell trades.

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