Precision Drilling Trust Announces United States Federal Income Tax Information for 2007
23 Gennaio 2008 - 8:52PM
Marketwired
CALGARY, ALBERTA announced today the United States ("U.S.")
federal income tax treatment of the cash and "in-kind"
distributions made by Precision to individual U.S. resident
unitholders in 2007.
Based on advice from Precision's U.S. tax advisors, the issued
and outstanding trust units of Precision will be classified as
equity rather than as debt for U.S. federal income tax purposes.
Precision believes that the cash distributions paid in 2007 to
individual U.S. resident unitholders out of its current and
accumulated earnings and profits should be treated as qualified
dividend income for U.S. federal income tax purposes eligible for
the reduced maximum rate of tax to individuals of generally 15% and
that the "in-kind" distribution made in January 2007, which was
followed by an immediate consolidation of trust units so that the
number of Trust units outstanding were unchanged from the number of
Trust units outstanding immediately before the special "in-kind"
distribution, should be treated as a non-taxable stock dividend for
U.S. federal income tax purposes. More detailed U.S. federal income
tax information regarding the Trust's 2007 cash and "in-kind"
distributions is provided on Precision's website at:
www.precisiondrilling.com/UnitholderInfo/Taxation/Taxation2007.cfm
United States resident unitholders are advised to consult their
own tax advisers as to the specific U.S. federal and state income
tax consequences associated with Precision's distributions in
2007.
Precision is a leading provider of safe, high performance energy
services to the North American oil and gas industry. Precision
provides customers with access to an extensive fleet of contract
drilling rigs, service rigs, camps, snubbing units, wastewater
treatment units and rental equipment backed by a comprehensive mix
of technical support services and skilled, experienced
personnel.
Precision Drilling Trust is listed on the Toronto Stock Exchange
under the trading symbol "PD.UN" and on the New York Stock Exchange
under the trading symbol "PDS".
Contacts: Doug Strong, Chief Financial Officer of Precision
Drilling Corporation, Administrator of the Trust (403) 716-4500
(403) 264-0251 (FAX) Precision Drilling Trust 4200, 150 - 6th
Avenue S.W. Calgary, Alberta, Canada T2P 3Y7 Website:
www.precisiondrilling.com
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