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Friday, January 21, 2005

Rubin & Whiteway on Disregarded Entities and Partnership Liability Allocations

Tax_analysts_23 Blake D. Rubin & Andrea Macintosh Whiteway (both with Arnold & Porter, Washington, D.C.) have published Disregarded Entities and Partnership Liability Allocations: Proposed Regs Critiqued, 106 Tax Notes 321 (2005) (also available on the Tax Analysts web site as Doc 2004-24173, 2005 TNT 12-31). Here is the abstract:

The IRS recently proposed regulations addressing the consequences of owning a partnership interest through a disregarded entity (such as a single-owner LLC) on the allocation of partnership liabilities under ยง 752. The proposed regulations, according to the authors, are unquestionably based on a sound analysis of the extent to which a partner who owns a partnership interest through a disregarded entity bears the economic risk of loss for a partnership liability. That theoretical purity, they argue, comes at a cost of significant taxpayer compliance burdens in an area where, based on informal conversations with government representatives involved in developing the regulations, there was no evidence of taxpayer abuse.

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