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  "notes": "Includes a process diagram for the conversion steps and a pro forma structure diagram.",
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      "text": "Structure Steps (Up-C Conversion)",
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      "text": "Transaction expected to be tax deferred to all parties\nAchieves a simplified, single public 1099 security\nGovernance is restructured and Series B is converted at market price\nNo step-up, and AR's share of the taxable income is not taxed at the partnership\n- No double taxation to AR\nAR ability to convert into AM Up-C shares provides liquidity, if desired\n- Step-up upon conversion",
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      "text": "1) AMGP contributes IDRs to AM for LP units\n2) AM forms an Up-C\n3) AMGP merges into AM Up-C for AM Up-C shares\n4) AM public unitholders exchange units for AM Up-C shares tax-deferred\n5) AR retains its ownership in the partnership (private) and receives the right to convert into AM Up-C shares 1:1",
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      "text": "(1) AR has the right to convert into AM Up-C shares 1:1.",
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      "text": "Alternative C-Corp Structure: Up-C Conversion Considerations",
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