Westlake Chemical Partners Provides Tax Reporting Information

Rhea-AI Summary

Westlake Chemical Partners (NYSE: WLKP) has released its 2023 investor tax reporting information. The Partnership will report items of international tax relevance on Schedule K-3 for the 2023 tax year. This information is important for certain unitholders, including foreign investors and those with US international reporting obligations. All income is effectively connected with a US trade or business. The Schedule K-3 details are now available online and are necessary for completing tax returns. Unitholders are advised to review this information and consult with their tax advisor.

Positive

• Westlake Chemical Partners has promptly released the 2023 tax reporting information, aiding transparency.
• The availability of Schedule K-3 online ensures easy and timely access for unitholders.
• Emphasis on international tax relevance helps foreign investors and those with US international reporting obligations.

Negative

• number of unitholders need detailed information for complex international tax reporting, potentially increasing tax preparation complexity.
• Foreign unitholders and those with special tax obligations may face additional documentation requirements.

HOUSTON--(BUSINESS WIRE)-- Westlake Chemical Partners (NYSE: WLKP) today provided the following information regarding 2023 investor tax reporting:

As previously noted in the 2023 Investor Tax Reporting Package for our unitholders’ investment in Westlake Chemical Partners, LP, the Partnership will report items of international tax relevance to our partners on Schedule K-3 for tax year 2023. As we disclosed in our quarterly distribution press releases, all of our income is effectively connected with a United States trade or business. However, a limited number of unitholders (primarily foreign unitholders and unitholders having US international reporting obligations) may need the detailed information disclosed on Schedule K-3 for their specific reporting requirements.

Our Schedule K-3 for tax year 2023 is now available online at www.taxpackagesupport.com/WLKP. This information may be necessary in the completion of our unitholders’ tax return. As such we encourage our unitholders to review the information contained on Schedule K-3 and refer to the appropriate federal laws and guidance or consult with their tax advisor.

About Westlake Chemical Partners:

Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240531327077/en/

Media Relations – L. Ben Ederington – 713.585.2900

Investor Relations – Steve Bender – 713.585.2900

Source: Westlake Chemical Partners

FAQ

What does Schedule K-3 provide for WLKP unitholders?

Schedule K-3 provides items of international tax relevance important for certain WLKP unitholders, including foreign investors and those with US international reporting obligations.

Where can WLKP unitholders access Schedule K-3 for 2023?

Unitholders can access Schedule K-3 for 2023 online at www.taxpackagesupport.com/WLKP.

Is WLKP's income connected with US trade or international business?

All of WLKP's income is effectively connected with a United States trade or business.

Why is Schedule K-3 important for WLKP unitholders?

Schedule K-3 is important for completing tax returns, especially for foreign unitholders and those with US international reporting obligations.

What should WLKP unitholders do with the information on Schedule K-3?

Unitholders should review the information on Schedule K-3, refer to federal laws and guidance, or consult with a tax advisor.