Page 72 - 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
a. General Explanation................................................................. 100
b. Powers of Partnership Representative. ...................................... 101
i. Role in Election Out. ....................................................... 101
ii. Conducting an audit under the centralized
audit rules. ..................................................................... 102
c. Possible Additional Powers of Partnership Representative. ........ 103
d. Reimbursable Expenses and Compensation.............................. 104
e. Limitations on Powers of the Partnership Representative. ......... 105
f. Who can be Partnership Representative? .................................. 201
i. A partner (or other person).............................................. 201
ii. Substantial Presence in the United States. ...................... 107
iii. Other Characteristics of Partnership Representative........ 212
g. Failure to Designate Partnership Representative. ...................... 217
h. Selection, Removal, Replacement.............................................. 117
i. Fiduciary Duties of Partnership Representative. ....................... 221
j. Notices. .................................................................................... 119
k. Agency and Partnership Representative. ................................... 225
11. Payments are Nondeductible.............................................................. 120
12. Consistency Requirement With Partnership Return............................ 121
a. Notice of Inconsistent Position. ................................................. 229
b. Final Decision. ......................................................................... 231
13. Alternative Regime – Push Out of Adjustments to
Reviewed Year Partners...................................................................... 123
a. Making the Push Out Election. ................................................. 236
b. Increase in Tax of Reviewed Year Partner
for Adjustment Year. ................................................................ 240
c. What does the Push Out Statement Say?.................................. 244
d. Tiered Partnerships and Entities. ............................................. 130
e. Real Estate Investment Trusts. ................................................. 247
© Terence Floyd Cuff and Jerald David August, 2016
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