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Subject:  Re: MLP merger Date:  6/11/2013  11:36 PM
Author:  Wradical Number:  118671 of 123001

Two MLPs, Crestwood Midstream LLC (CMLP) and Inergy LP (NRGY) are considering a merger.

The messy multiple events to complete the deal are covered on Page 3 & 4--
Besides the larger operational entity potentially adding more states to the mix (and therefore,
potentially, more state tax filings), are there any additional tax gotchas with an event like

Maybe not. Mergers of MLPs, like mergers of corporations, can be, and usually are structured to be tax-free reorgs., but not always.

The deal isn't going to finally close until the 3rd quarter. In the meantime they're working on the regulatory clearances, one of which will be a private letter ruling from the IRS that it will be a tax-free deal. And if not, they'll get the wrinkles spelled out, so they can make it work, and probably will.

There's going