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TREAS/IRS RIN: 1545-BN41 Publication ID: Fall 2016 
Title: ●Election Out of the Partnership Audit Regime Pursuant to Section 6221(b); Bipartisan Budget Act of 2015 (BBA) 
Abstract:

Section 6221(b), as amended by the Bipartisan Budget Act of 2015, Pub. L. No. 114-74 (the BBA), provides that partnerships that issue 100 or fewer Schedules K-1 for a taxable year may elect out of the partnership audit regime enacted by the BBA. The regulation will provide guidance regarding how to determine if a partnership is eligible to elect out and how to make an election.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
CFR Citation: 26 CFR 301   
Legal Authority: 26 U.S.C. 7805    26 U.S.C. 6221(b)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/00/2016 
Additional Information: REG-110712-16 (NPRM) Drafting attorney: Jennifer Black (202) 317-5216 Reviewing attorney: Gregory Armstrong (202) 317-5131 Treasury attorney: Brendan O'Dell (202) 622-1868 CC:PA
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Jennifer Black
Attorney
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-5216
Email: jennifer.m.black@irscounsel.treas.gov