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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 94 slides",
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  "authorName": "Tudor Pickering Holt",
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  "sourceTypeLabel": "Investment bank",
  "presentationDate": "2018-09-01 00:00:00",
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  "pageNumber": 51,
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  "nDataPoints": 100,
  "notes": "Includes detailed tax calculations for three investor profiles: Average Unitholder, IPO Investor (Average Basis), and IPO Investor (IPO Basis).",
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      "text": "CONFIDENTIAL DRAFT SUBJECT TO CHANGE",
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      "text": "Source: FactSet as of 8/30/2018 and Wall Street research. Note: Dividend of $0.415 / share added to ordinary gain. [1] Provided by management. [2] Assumed passive activity loss and tax on ordinary gain for IPO investor utilizes company provided estimates based on a per unit basis range of $19.00-$22.00. [3] Passive activity loss calculated to be $2.00 for an IPO investor. [4] State tax rate determined by using a weighted average of 50 state income tax rates and median federal taxable income brackets for married and single filers. [5] Cash consideration excludes special distribution of $0.415.",
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      "text": "Average tax basis of $23.27 per unit for public AM unitholders as of YE 2017. The average public AM unit holder would need to receive cash consideration of $2.29 per unit to avoid having to sell shares post-transaction to pay transaction related taxes.",
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