Page 61 - The TEFRA Partnership Audit Rules Repeal:
P. 61
Partnership Agreement Provisions (cont.)
Provisions on the Selection and Removal of the Partnership Representative (cont.)
• The partnership agreement might specify other qualifications of the partnership representative (cont.)
• Multiple Questions:
− Who controls the partnership representative after the partnership has
ceased to exist?
− Who controls appointment, removal, and replacement of the partnership representative after the partnership has ceased to exist?
− Who receives notices and communications from the partnership representative after the partnership has ceased to exist?
− What is the compensation of the partnership representative after the partnership has ceased to exist?
− Who do partnership counsel and the accountants represent after the partnership has ceased to exist?
− What are the indemnification provisions after the partnership has ceased to exist?
Copyright © 2016 Kostelanetz & Fink, LLP Coming changes to IRS Audits of partnerships 52
