GasLog Partners LP Announces that Unitholders Remain Unaffected by U.S. Internal Revenue Service Regulations Effective January 1, 2023
GasLog Partners LP (NYSE: GLOP), an international LNG carrier operator, announced that upcoming U.S. Treasury and IRS regulations effective January 1, 2023, will not impact its unitholders.
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Rhea-AI Summary
GasLog Partners LP (NYSE: GLOP), an international LNG carrier operator, announced that upcoming U.S. Treasury and IRS regulations effective January 1, 2023, will not impact its unitholders. These regulations require a 10% tax withholding on non-U.S. partners’ interests in publicly traded partnerships taxed as partnerships. However, GasLog Partners has opted for C corporation status for U.S. federal tax, exempting its interests from these regulations. This decision ensures that international investors face no additional tax implications regarding their holdings.
Positive
- GasLog Partners' election to be treated as a C corporation protects investors from new IRS regulations.
- No withholding tax will affect non-U.S. unitholders, maintaining attractiveness for international investors.
- The decision aligns with GasLog Partners' strategic positioning in the LNG market.
Negative
- None.
Details
News Market Reaction – GLOP
The recorded move for GLOP in the trading session of this news was +0.30%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Majuro, Marshall Islands, Dec. 19, 2022 (GLOBE NEWSWIRE) -- GasLog Partners LP (“GasLog Partners” or the “Partnership”) (NYSE: GLOP), an international owner and operator of liquefied natural gas (“LNG”) carriers, today announced that the U.S. Treasury and Internal Revenue Service (“IRS”) final regulations that are coming into effect on January 1, 2023, will not affect its unitholders. These regulations oblige brokers, withholding agents and qualified intermediaries to withhold a
GasLog Partners has elected to be treated as a C corporation for U.S. federal income tax purposes and therefore interests in the Partnership are not subject to these regulations.
Contacts:
Robert Brinberg
Rose & Company
Phone: +1 212-517-0810
Email: gaslog@roseandco.com
About GasLog Partners
GasLog Partners is an owner and operator of LNG carriers. The Partnership’s fleet consists of 12 wholly-owned LNG carriers as well as two vessels on a bareboat charter, with an average carrying capacity of approximately 159,000 cbm. GasLog Partners is a publicly traded master limited partnership (NYSE: GLOP) but has elected to be treated as a C corporation for U.S. income tax purposes and therefore its investors receive an Internal Revenue Service Form 1099 with respect to any distributions declared and received. Visit GasLog Partners’ website at http://www.gaslogmlp.com.
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