2021 Schedule K-3 tax information now available for former unitholders of TC PipeLines, LP

Rhea-AI Summary

Former unitholders of TC PipeLines, LP (TCP) can now access their 2021 Schedule K-3 tax information online. Following TC Energy's acquisition of TCP in March 2021, the unitholders may have tax obligations related to their ownership during the publicly traded period. The IRS Schedule K-3 requires detailed reporting of non-U.S. activities, which may apply particularly to foreign unitholders and certain corporate structures. Those needing this tax information are advised to consult with their tax advisors.

Positive

• Access to Schedule K-3 tax information available online for 2021.
• Important for unitholders who may have specific tax obligations.

Negative

• TCP is no longer publicly traded, limiting future investment opportunities.
• Unitholders may have uncertain tax obligations stemming from their previous investments.

HOUSTON, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Former unitholders of TC PipeLines, LP (TC PipeLines or TCP) who held an interest during 2021 may now access their 2021 Schedule K-3 tax information (including certain international tax information) online at www.taxpackagesupport.com/tcpipelines.

On March 3, 2021, TC Energy Corporation (TC Energy) acquired all of the outstanding publicly-held common units of TC PipeLines and it became an indirect, wholly-owned subsidiary of TC Energy. While TCP is no longer publicly traded, there was a short period of public trading in early 2021 and any TCP unitholders during that period may have tax obligations arising out of their ownership of TCP units for such time.

2021 is the first tax year for the new Internal Revenue Service (IRS) Schedule K-3, which requires detailed reporting by partnerships of non-U.S. activities. A partnership is required to send Schedule K-3 to partners if the partnership has non-U.S. activities or if it has partners whose tax situation would be impacted by the reporting. While 100 per cent of TC PipeLines’ activity was effectively connected with a United States trade or business, the expanse of unitholder tax situations cannot be reasonably known.

A limited number of unitholders (primarily foreign unitholders, unitholders computing a foreign tax credit on their tax return and certain corporate and/or partnership unitholders) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements. To the extent Schedule K-3 is applicable to your federal income tax return filing needs, we encourage you to review the information contained on this form, refer to the appropriate federal laws and guidance, and consult with your tax advisor.

To receive an electronic copy of your Schedule K-3 via email, you may call Tax Package Support toll free at (877) 699-1091.

About TC PipeLines, LP

TC PipeLines, LP is an indirect wholly owned subsidiary of TC Energy Corporation, with interests in eight federally regulated U.S. interstate natural gas pipelines which serve markets in the Western, Midwestern and Northeastern United States.

For historical information about TC PipeLines, LP, visit www.tcpipelineslp.com.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit TCEnergy.com.

Tax Inquiries:
Call Tax Package Support toll-free at (877) 699-1091
For tax forms, visit www.taxpackagesupport.com/tcpipelines

Unitholder Inquiries:
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522

PDF available: http://ml.globenewswire.com/Resource/Download/bd1625c2-086a-4825-a0f4-f14363739586

FAQ

What is the significance of the 2021 Schedule K-3 for TCP unitholders?

The 2021 Schedule K-3 is significant as it provides important tax information for former unitholders who may have tax obligations related to their ownership during the time TCP was publicly traded.

How can former TCP unitholders access their tax information?

Former unitholders can access their 2021 Schedule K-3 tax information online at www.taxpackagesupport.com/tcpipelines.

What does the acquisition of TCP by TC Energy mean for unitholders?

Following the acquisition by TC Energy in March 2021, TCP became a wholly-owned subsidiary, and it is no longer publicly traded, which affects unitholders' ability to trade their shares.

Who needs to review the Schedule K-3 tax information?

Primarily foreign unitholders and those computing a foreign tax credit may need to review the Schedule K-3 for compliance with their tax obligations.

What is TC PipeLines' current status in the market?

TC PipeLines is no longer publicly traded following its acquisition by TC Energy Corporation.