Schedule K-1 Tax Information
Buckeye GP Holdings L.P. 2009 Schedule K-1's (Form 1065) are scheduled to be mailed to unitholders during the second week of March 2010. Unitholders who need copies of their 2008 tax packages, or who need to report address changes or corrections, should contact:
Buckeye GP K-1 Support
877-527-6380
PO Box 799060
Dallas, TX 75379
972-248-5395 (Fax)
Partnership Characteristics
As a publicly traded partnership, Buckeye GP Holdings L.P. differs in several ways from stock corporations:
-
A partner in a publicly traded partnership owns units of the partnership rather than shares of stock and receives cash distributions rather than dividends. The cash distributions are not taxable as long as the partner's tax basis in the partnership exceeds zero.
-
Generally, a corporation is subject to federal and state income taxes but a partnership is not. All of the income, gains, losses and deductions of a partnership are passed through to its partners who are required to show their allocated share of these amounts on their personal income tax returns.
-
While a holder of corporate stock receives a Form 1099 each year detailing required tax data, a unitholder of a partnership receives a tax reporting package including substitute Schedule K-1 and other forms to file with their income tax return. This tax reporting package shows a partner's allocable share of the partnership's income, gains, losses and deductions.
-
Compared to a corporate form of organization, the partnership form enables Buckeye GP to distribute to investors a greater percentage of cash generated by the business.
|