Precision Drilling Trust Announces United States Federal Income Tax Information for 2008
29 Gennaio 2009 - 1:00AM
Marketwired
Precision Drilling Trust ("Precision" or the "Trust") announced
today the United States ("U.S.") federal income tax treatment of
the cash and "in-kind" distributions paid by Precision to
individual U.S. resident unitholders in 2008.
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 2008 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 generally
eligible for the reduced maximum rate of tax to individuals of 15%
and that the "in-kind" distribution made in January 2008, 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 event for U.S.
federal income tax purposes. More detailed U.S. tax information
regarding the Trust's 2008 cash and "in-kind" distributions is
provided on Precision's website at:
www.precisiondrilling.com/UnitholderInfo/Taxation2008.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
2008.
About Precision
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 is headquartered in Calgary, Alberta, Canada.
Precision 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: Precision Drilling Corporation, Administrator of The
Trust David Wehlmann Executive Vice President, Investor Relations
(403) 716-4575 (403) 716-4755 (FAX) Precision Drilling Trust 4200,
150 - 6th Avenue S.W. Calgary, Alberta T2P 3Y7 Website:
www.precisiondrilling.com
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