Partnership Tax Information
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Click Here to download your Quarterly Notice for IRS Section 1446(f).
The below are for informational purposes only. You should consult your tax advisor for advice or with any questions.
Funds that issue K-1s, K-3s and may require a Qualified Notice
- United States Brent Oil Fund, LP (BNO)
- United States Commodity Index Fund (USCI)
- United States Copper Index Fund (CPER)
- United States Gasoline Fund, LP (UGA)
- United States 12 Month Natural Gas Fund, LP (UNL)
- United States Natural Gas Fund, LP (UNG)
- United States 12 Month Oil Fund, LP (USL)
- United States Oil Fund, LP (USO)
Schedule K-1
Certain investment products including the Funds are structured to operate as partnerships and are taxed as limited partnerships. They issue a Schedule K-1 to each shareholder to report the shareholder’s share of income, gains, losses deductions, or any other taxable event instead of a Form 1099.
Schedule K-1s have historically been distributed on or around March 1 of each year. To sign up to receive your K-1 electronically, please sign up here, by February 15, 2025.
Schedule K-3
Schedule K-3s reflect items of international tax relevance. A limited number of shareholders (primarily foreign shareholders, shareholders computing a foreign tax credit on their tax return and certain corporate and/or partnership shareholders) may need the detailed information disclosed on Schedule K-3 for the shareholder’s 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 and refer to the appropriate federal laws and guidance and consult with your tax advisor.
Schedule K-3s become available in August of each year. To receive an electronic copy of your Schedule K-3, shareholders may call Tax Package Support toll free at (877) 527-6403 or download it here.
IRS Section 1446(f) Rule
1446(f) rule is applicable to Publicly Traded Partnerships (PTPs) and may impact international shareholders.
The IRS issued regulations on the withholding on transfers of interests in PTPs and on distributions made with respect to PTP interests, effective January 1, 2023. These regulations would require a 10% withholding on gains from the sale of PTP interests.
- An exception under this rule referred to as the “10% exception” applies if a PTP is to certify that it is not engaged in a U.S. trade or business. In order to make this certification, the PTP must state on a qualified notice that the 10% exception applies. USCF intends to post a quarterly qualified notice to the USCF website for each Fund indicating that it has met the requirements for this exception.
- Subpart (2) says the exception to the 10% withholding under 1.1446(f)‐4(b)(3)(ii) would apply where “The partnership was not engaged in a trade or business within the United States at any time during the taxable year of the partnership through the PTP designated date.”
- The quarterly qualified notices are posted to the Resources page.
This information may be used by foreign partners to indicate that the sale of their partnership interest should not be subject to the 10% withholding. Please consult your tax advisor with any questions or for additional information.