Paramount Energy Trust Advises on Preliminary 2005 United States Income Tax Information.CALGARY, Alberta -- February 24, 2006 (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :PMT See photomultiplier tube. .UN) The following is intended to provide United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ("U.S.") resident Unitholders of Paramount Energy Trust ("PET") with necessary information for 2005 U.S. federal income tax reporting. After consultation with its U.S. tax advisors A tax advisor is a financial expert especially trained in tax law. Some countries require tax advisors to verify the balance sheets of companies above a certain size. Individuals usually require tax advisors to minimize taxation, to avoid learning the details of tax law in , PET believes that its units more likely than not will be properly classified as equity in a corporation, rather than debt, for U.S. federal income tax purposes. As such, the portion of the distributions made during 2005 that are considered dividends should qualify for the reduced rate of tax applicable to certain capital gains. The portion of PET distributions that is considered a dividend for U.S. income tax purposes is determined based upon the greater of the PET's current or accumulated earnings and profits as determined in accordance with U.S. income tax principles. The percentage of cash distributions paid in 2005 to U.S. individual Unitholders that should be reported as a non-taxable return of capital and the percentage that should be reported as qualified dividends will be reported at a later date. A more comprehensive income tax press release for U.S. resident investors is planned in the next few weeks. At that time, income tax information will also be available on the Trust's website at www.paramountenergy.com. The content of this press release has no impact on Canadian resident taxpayers. PET is a natural gas-focused Canadian energy trust. PET's Trust Units and convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. are listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbols PMT.UN, PMT.DB and PMT.DB.A. Further information with respect to PET can be found at its website at www.paramountenergy.com. The Toronto Stock Exchange has neither approved nor disapproved th e information contained herein. Paramount Energy Trust (TSX:PMT.UN) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion