Page 63 - The TEFRA Partnership Audit Rules Repeal:
P. 63
Partnership Agreement Provisions (cont.)
Provisions on the Selection and Removal of the Partnership Representative (cont.)
Funding the audit.
• The partnership agreement might address funding the audit assuming that the partnership has adequate funds.
• The partnership agreement might address the possibility of a capital call on partners to fund the audit.
• The partnership agreement might address the possibility of a capital call to fund the audit if the partnership has dissolved.
• Question: Can the partner say anything in the audit without controlling the audit?
Copyright © 2016 Kostelanetz & Fink, LLP Coming changes to IRS Audits of partnerships 54
