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In the United States, a master limited partnership (MLP) is a limited partnership that is publicly traded on an exchange qualifying under Section 7704 of the Internal Revenue Code. It combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. To obtain the tax benefits of a pass through, MLPs must receive their income from qualifying sources like from exploration, mining, extraction, refining of oil and gas and the production of alternative fuels like biodiesel. To qualify for MLP status, a partnership must generate at least 90 percent of its income from what the Internal Revenue Service (IRS) deems "qualifying" sources. After the 2015 Proposed Regulations from the IRS, only those activities specifically listed related to the production, processing and transportation of oil, natural gas and coal would qualify for favorable tax treatment.(). In addition, businesses that receive real property rents would qualify if they would meet the requirements of Internal Revenue Code Section 856 pertaining to real estate investment trusts. ==Operation== MLPs pay their investors through quarterly required distributions, the amount of which is stated in the contract between the limited partners (the investors) and the general partner (the managers). Typically, the higher the quarterly distributions paid to limited partners, the higher the management fee paid to the general partner. This provides the general partner with an incentive to maximize distributions through pursuing income-producing acquisitions and organic growth projects. Failure to pay the quarterly required distributions may constitute an event of default. A general partner in an MLP often begins with a small stake of about 2% in the partnership, but is given incentive distributions from net income after the quarterly required distributions. Since these distributions are usually paid in the form of increased equity claims, the general partner may attain an increased share of the partnership's ownership. In addition to the traditional governance committees, an MLP has a conflicts committee composed of two or more independent directors. This committee reviews specific matters as authorized by the Board of Directors that may involve conflicts of interest. When selecting the committee members, a general partner should consider the degree of the member's independence from the parent company. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Master limited partnership」の詳細全文を読む スポンサード リンク
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