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  "documentTitle": "Goldman Sachs | Investment Banking Pitch Book | 69 slides",
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  "authorName": "Goldman Sachs",
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  "presentationDate": "2018-03-01 00:00:00",
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  "notes": "Includes a sensitivity analysis table for MLP tax advantage at various tax shield levels.",
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      "text": "Assumes income fully taxable; any additional tax shield reduces MLPs' relative tax advantage",
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      "text": "Note: Analysis addresses federal taxes only (no state or local taxes reflected). Assumes 100% payout ratio. † Includes 3.8% Medicare tax. Tax Reform scenario assumes 20% deduction on 37% tax rate. Analysis excludes tax shield benefit that results from the acquisition of MLP units (but not C-Corp stock), and recaptures taxes on sale of MLP units",
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      "text": "On a Simplified Basis, Tax Reform Has Tended to Narrow the MLP Tax Advantage Vs. C-Corp-Like Entities",
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