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  "documentTitle": "Barclays | Investment Banking Pitch Book | 12 slides",
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  "authorName": "Barclays",
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  "presentationDate": "2018-08-01 00:00:00",
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  "pageNumber": 11,
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  "notes": "Includes detailed footnotes explaining tax assumptions and methodology.",
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      "kind": "disclaimer",
      "text": "Note: This analysis assumes net income, tax depreciation and distributions through 12/31/17. Tax balance sheet as of 12/31/17 and all units are assumed to be sold on 12/31/17 for illustrative purposes. 1. Represents the gain characterized as ordinary under IRC Section 751(a) if the transaction occurred on December 31, 2017. 2. Ordinary tax rate assumes application of IRC Section 199A deduction and is calculated as 37.0% top income tax bracket x 80.0% application of IRC Section 199A deduction + 5.0% assumed state income tax. 3. Assumes NIIT tax rate of 3.8%. 4. If (i) there is a Capital Gain less than zero, the Ordinary Gain calculated as Ordinary Income Gain + Cumulative Loss or (ii) there is a Capital Gain greater than zero, the Ordinary Gain calculated as Ordinary Income Gain + Cumulative Loss x Ordinary Gain / (Ordinary Gain + Capital Gain) and the Capital Gain calculated as Capital Gain + Cumulative Gain x Capital Gain / (Ordinary Gain + Capital Gain). 5. Net After Tax Premium / (Discount) calculated as (Offer Price - Net Tax Liability) - Unit Price or VWAP.",
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      "text": "Source: Based on interpretation of tax analysis provided by Evercore. Analysis attempts to replicate Evercore methodology at various prices.",
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      "kind": "table",
      "text": "Net Premium / (Discount) to Average Nonaffiliated TLP Unitholders table",
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      "kind": "title",
      "text": "Trans Am Tax Analysis",
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