Business Context and Reporting Period
Company: Suburban Propane Partners, L.P.
Filing Type: Form 8-K (Current Report)
Date: July 21, 2011
Event: Declaration of the Fiscal 2011 Third Quarter Distribution.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses solely on the declaration of a distribution and associated tax withholding requirements.
Material Changes
No material changes to financial performance or operations are detailed in this filing. The document serves as a regulatory notice regarding the distribution declaration and tax compliance.
Guidance, Outlook, and Tax Implications
- Distribution Declaration: The Partnership announced its Fiscal 2011 Third Quarter Distribution via a press release (Exhibit 99.1).
- Tax Withholding: In accordance with Treasury Regulation 1.1446-4(d), a qualified notice was issued to the New York Stock Exchange.
- Foreign Investors: The distribution represents income effectively connected with a U.S. business (ECI). Nominees are required to withhold 35% of the distribution for foreign investors (nonresident aliens, foreign corporations, foreign trusts, and foreign estates) under Section 1446 of the Internal Revenue Code.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for the specific dollar amount per unit of the declared distribution.
- Confirm the record date and payment date for the distribution, which are not included in the 8-K text.
- Verify the impact of the 35% withholding tax on foreign investors holding the partnership units.