Tax Law Updates | New Proposed Regulations
May 7, 2009
IRS Proposes Regulations on Determination of Distributive Share When a Partner's Interest Changes
Determination of Distributive Share When a Partner's Interest
26 CFR Part 1, REG-144689-04, RIN 1545-BD71, 4/14/2009
The Internal Revenue Service (“IRS”) has released proposed regulations regarding the determination of partners’ distributive shares of partnership items of income, gain, loss, deduction and credit when a partner’s interests varies during a partnership taxable year. Also, the proposed regulations modify the existing regulations regarding the required taxable year of a partnership. These proposed regulations affect partnerships and their partners.
According to the IRS, these proposed regulations contain amendments to the Income Tax Regulations (26 CFR part 1) under section 706 of the Internal Revenue Code (“IRC”). These amendments are proposed to conform the Income Tax Regulations for certain of the…
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