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New Partnership Audit Rules: Upsetting the Apple Cart for Private Investment Partnerships?  

Author:  Jennifer A. O‚ÄôLeary.; Kevin M. Johnson.

Source: Volume 29, Number 05, May/June 2016 , pp.13-19(7)

Journal of Taxation and Regulation of Financial Institutions

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This article provides an overview of the recent PATH Act changes to the law governing how partnerships will be audited, which becomes effective for tax years beginning after December 31, 2017. The article focuses on the effects of the law on private investment funds and their investors, and details the various ways that different approaches to implementation of the law are likely to affect private investment funds and their investors.

Keywords: partnership audits; partnership-level determinations; amended K-1s; investment funds; Bipartisan Budget Act of 2015

Affiliations:  1: Pepper Hamilton LLP; 2: Pepper Hamilton LLP.

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