Legacy Reserves LP Announces 2016 Schedules K-1 Available
March 07 2017 - 5:53PM
Legacy Reserves LP ("Legacy") (NASDAQ:LGCY) announced today that it
has completed the 2016 tax packages for unitholders of LGCY, LGCYP
and LGCYO including Schedules K-1. Schedules K-1 for LGCYP
and LGCYO each reflect $0.166667 of income for each month such
security was owned in 2016 ($2.00 in total assuming a full year of
ownership) irrespective of the fact that (i) no 2016 distributions
were paid and (ii) the Partnership generated a net loss in 2016.
Each holder of LGCY, LGCYO and LGCYP is encouraged to consult with
its tax advisor with respect to the Schedule K-1 information and
individual tax circumstances.
The tax packages are currently available online and
may be accessed via Legacy's website at www.LegacyLP.com by
clicking on the "Tax Information" link on the website. Legacy
will begin mailing the Schedules K-1 to unitholders on Thursday,
March 9, 2017. For additional information, unitholders may
also contact Legacy's K-1 Partner Data Link call center toll free
at (877) 504-5606 between 8:00 a.m. and 5:00 p.m. CST Monday
through Friday.
Although Legacy has suspended distributions to both
LGCYP and LGCYO (the "Preferred Units"), such distributions
continue to accrue. Pursuant to the terms of Legacy's partnership
agreement, Legacy is required to pay or set aside for payment all
accrued but unpaid distributions with respect to the Preferred
Units prior to or contemporaneously with making any distribution
with respect to Legacy's units. Accruals of distributions on the
Preferred Units are treated for tax purposes as guaranteed payments
for the use of capital that will generally be taxable to the
holders of such Preferred Units as ordinary income even in the
absence of contemporaneous distributions. In addition, Legacy has
also suspended distributions to LGCY, but such holders, just like
unitholders of other master limited partnerships, are allocated
taxable income irrespective of cash distributions paid.
CONTACT:
Legacy Reserves LP
Dan Westcott
Executive Vice President and Chief Financial Officer
432-689-5200
Legacy Reserves Inc. (MM) (NASDAQ:LGCY)
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