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Ron Hiram  

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  • A Closer Look At Magellan Midstream Partners' Distributable Cash Flow As Of 4Q 2012 [View article]
    You get taxed on your pro-rata portion of the MLP's income, not on the distributions. An MLP's income is typically less than its distributions, primarily because of depreciation deductions, so in effect the distributions are tax deferred. Distributions decrease your basis, so when you ultimately dispose of the investment your tax bill is higher (i.e., the tax deferred distributions are recaptured). If limited partners receive distributions equal to their share of net income, there is no tax deferral and consequently also no tax recapture in the future.
    DCF that is not distributed can be distributed in future years. But MLPs are typically required to distribute the bulk of the cas flow available for distributions.
    Apr 7, 2013. 03:29 PM | Likes Like |Link to Comment
  • A Closer Look At Boardwalk Pipeline Partners' Distributable Cash Flow As Of 4Q 2012 [View article]
    At this point I am not increasing my exposure to MLPs.
    Mar 28, 2013. 01:34 PM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I made corrections to this 3/22 article. See piece published today.
    Mar 25, 2013. 09:42 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I made corrections to this article in a piece published 3/25..
    Mar 25, 2013. 09:41 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I made corrections to this 3/22 article in a piece published today.
    Mar 25, 2013. 09:39 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I made corrections to this article. See piece publsihed today.
    Mar 25, 2013. 09:38 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I made corrections to this 3/22 article. See piece that was published today.
    Mar 25, 2013. 09:36 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I amde corrections to this 3/22 article. See article published today.
    Mar 25, 2013. 09:35 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    I made corrections to this 3/22 article. See article published today.
    Mar 25, 2013. 09:35 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    Corrections were made to this 3/22 article. See article publsihed today.
    Mar 25, 2013. 09:34 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    Corrections to this 3/22 article published 3/25. See article publsihed today.
    Mar 25, 2013. 09:34 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    Corrections to this 3/22 article published 3/25. See today's article
    Mar 25, 2013. 09:33 AM | Likes Like |Link to Comment
  • Issues Raised By Energy Transfer Partners' Acquisition Of 60% Of ETP Holdco [View article]
    Corrections to this 3/22 article published 3/25. See http://seekingalpha.co...
    Mar 25, 2013. 09:32 AM | Likes Like |Link to Comment
  • A Closer Look At Energy Transfer Partners' Distributable Cash Flow As Of 4Q 2012 [View article]
    Yes, as well as pretax income generated by sale of gasoline and middle distillates. But beyond the tax problem, I don't see a strategic fit for the Retail Marketing segment and neither did ETP's GP at the time of the acquisition. Seems to me they tried to sell the retail operation but couldn't get the price they wanted. Perhaps the asking price was more than what they paid, but I don't think it likely (given there was little opportunity to enhance value in the short intervening period); hence, I believe, the decision to keep the asset.
    Mar 20, 2013. 01:40 PM | Likes Like |Link to Comment
  • A Closer Look At Boardwalk Pipeline Partners' Distributable Cash Flow As Of Q3 2012 [View article]
    Yes, but given my time constraints it may take 2-4 weeks.
    Mar 16, 2013. 11:17 PM | Likes Like |Link to Comment
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