FINAL REGS ISSUED ON PARTNERSHIP VARYING INTERESTS RULE
T.D. 9728, 07/31/2015, Reg. § 1.706-1, Reg. § 1.706-4, Reg. § 1.706-5
IRS has issued final regs on the determination of a partner’s distributive share of partnership items of income, gain, loss, deduction, and credit when a partner’s interest varies during a partnership tax year. The final regs also modify the existing regs on the required tax year of a partnership.