Not everything landed exactly where companies might have hoped, but given the consensus of just a few weeks ago—that it just wouldn’t happen—the passage of the Tax Cuts and Jobs Act allowed the webinar’s legal team a chance to be the bearers of mostly good tidings to clients.

“The first big [change], which is definitely a positive, is a reduction in tax rates,” said Steve Marcus, Baker Botts partner and Dallas-based department chair in taxes. “The corporate tax rate’s been reduced from 35% to 21%.”

The second major change, which is a little negative, Marcus said, is that interest deductions are now limited. The limitation amounts to about 30% of an MLP’s adjusted taxable income. How this affects the typical MLP depends on its tax shield.