The board of directors of Magellan Midstream Partners LP has declared a quarterly cash distribution of $1.0275 per unit for the period October 1 through December 31, 2020.
The distribution, which equates to $4.11 per unit on an annualised basis, will be paid February 12, 2021 to unitholders of record at the close of business on February 5, 2021.
For the year, Magellan declared distributions of $4.11 per unit for 2020, or 1 percent higher than distributions of $4.065 per unit for 2019. The partnership has increased its annual distribution payout each of the 19 years since its initial public offering in 2001.
This announcement is intended to be a qualified notice to nominees under Treasury Regulation Section 1.1446-4(b), with 100 percent of the partnership’s distributions to foreign investors attributable to income that is effectively connected with a United States trade or business.
Accordingly, the partnership’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate.
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