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  "documentTitle": "Tudor, Pickering, Holt & Co | Investment Banking Pitch Book | 12 slides",
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  "authorName": "Tudor Pickering Holt",
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  "presentationDate": "2018-10-01 00:00:00",
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  "notes": "Includes detailed breakdown of tax rates, gains, and basis calculations for Average Unitholder, IPO Investor (Average Basis), and IPO Investor (IPO Basis).",
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      "text": "Source: FactSet as of 10/5/2018 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 by Management to be $2.00 for an IPO investor. (4) At Management's direction, 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.",
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