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TREAS/IRS | RIN: 1545-BN41 | Publication ID: Fall 2017 |
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, Public Law 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. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Deregulatory | |
CFR Citation: 26 CFR 301 | |
Legal Authority: 26 U.S.C. 7805 26 U.S.C. 6221(b) |
Legal Deadline:
None |
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Timetable:
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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:07 | |
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 |