Page 71 - The TEFRA Partnership Audit Rules Repeal:

ALI CLE Live Video Webcast / “The TEFRA Partnership Audit Rules Repeal: Partnership and Partner Impacts” June 7, 2016, Jerald David August and Terence Floyd Cuff
iii. S Corporations as partners in a partnership
seeking to elect-out of the consolidated audit regime. ........ 59
iv. Treatment of a single member entity or
“defective entity” as part of an election out
of the consolidated audit rules .......................................... 60
e. Making Election Out................................................................... 61
f. Authority to Adopt Regulations Expanding
Electing Partnerships That Contravene the
Statutory Language. ................................................................... 61
g. Alternative Identification of Foreign Partners. ............................. 62
h. Partnership Disclosure of Names and TINs. ................................ 62
i. Election Out on Year-By-Year Basis............................................ 63
j. Making Election Out................................................................... 64
8. Imputed Underpayment. ...................................................................... 65
a. General Explanation on Calculating Imputed Underpayment. ..... 67
b. Adjustment that does not Result in Imputed Underpayment ....... 76
c. Determination of Imputed Underpayment Amount...................... 77
d. Determining Imputed Underpayment Amount:
Adjustments to Distributive Shares. ........................................... 81
e. Adjustment of Tax Rates............................................................. 83
f. Nondeductibility of Payments. .................................................... 84
g. Distributive Share Adjustments.................................................. 84
h. Modification of Imputed Underpayment Amount......................... 86
i. Modification procedures: amended returns of
reviewed year partners ............................................................... 88
j. Modification Procedures: Tax-exempt Partners. .......................... 90
k. Modification Procedures: Modification of Applicable
Highest Tax Rates ...................................................................... 92
l. Modification Procedures: Additional Procedures.......................... 95
9. Binding Nature of Partnership Audit Proceedings. ................................ 96
10. The Partnership Representative. .......................................................... 99
© Terence Floyd Cuff and Jerald David August, 2016
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