S 2095
Partnerships act
Partnerships Act
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- Passed Senate
- Passed House
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- Became Law
Bill overview
The Partnerships Act aims to simplify and clarify rules related to partnerships and partners under the Internal Revenue Code. It addresses issues such as determining a partner’s distributive share of income, allocating built-in gains, treating revalued property, and modifying rules regarding liquidating distributions. Specifically, it eliminates certain limitations on taxing precontribution gains, clarifies payments to partners, and establishes a consistent percentage method for calculating distributive shares, particularly for covered partnerships. The bill also includes provisions related to partnership terminations, partnership debt, and reporting requirements.
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