Company: SPH
Filing Date: 2025-02-21
Form Type: 424B5
Source: 0001193125-25-030891
Chunk: 21

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-02-21
Form: 424B5
Chunk 21
---
313,000, or $626,000 for taxpayers filing a joint return. Any losses disallowed in a taxable year due to the excess business loss limitation are carried over to the next taxable year as a net operating loss.

14

Unitholders to which this excess business loss limitation applies will take their allocable share of our items of income, gain, loss and deduction into account in determining this limitation. Limitations on Interest Deductions The deductibility of a non-corporatetaxpayer’s “investment interest” expense is generally limited to the amount of that taxpayer’s “net investment income.” Investment interest expense includes:

| • |     | interest on indebtedness properly allocable to property held for investment; |

| • |     | our interest expense attributed to portfolio income; and |

| • |     | the portion of interest expense incurred to purchase or carry an interest in a passive activity to the extent 
 attributable to portfolio income.                                                                             |

The computation of a unitholder’s investment interest expense will take into account interest on any margin account borrowing or other loan incurred to purchase or carry a unit. Net investment income includes gross income from property held for investment and amounts treated as portfolio income under the passive loss rules, less deductible expenses, other than interest, directly connected with the production of investment income, but generally does not include gains attributable to the disposition of property held for investment or (if applicable) qualified dividend income. The IRS has indicated that the net passive income earned by a publicly traded partnership will be treated as investment income to its unitholders for purposes of the investment interest deduction limitation. In addition, the unitholder’s share of our portfolio income (other than gains attributable to the disposition of property held for investment or any qualified dividend income) will be treated as investment income. Section 163(j) of the Code generally limits the deductibility of “business interest” by a taxpayer to the “business interest income” of the taxpayer plus 30% of the taxpayer’s “adjusted taxable income.” In the case of a taxpayer that is a partnership, this limitation is generally determined at the partnership level. Special carryforward rules apply to partnerships and their partners. The rules governing Section 163(j) of the Code are particularly complex as applied to partnerships and their partners. Prospective unitholders should consult with their tax advisors as to the application of the limitation on deductibility of “business interest” under Section 163(j) of the Code. Entity-LevelCollections If we or our general partner are required or elect under applicable law