New regulations raise critical issues concerning a partner's share of liabilities and partnership disguised sales Jaffrey J. Bryant
By: Bryant, Jeffrey J
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Material type: 
ArticlePublisher: 2017Subject(s): SOCIOS | ACCIONISTAS | BENEFICIOS | IMPUESTOS | REFORMA | ESTADOS UNIDOS
In:
Journal of Taxation of Investments v. 34, n. 4, Summer 2017, p. 3-23Summary: New Treasury Department guidance has changed the tax landscape forleveraged partnerships. Recently released regulations modify the approach to disguised sales in several important ways. They reduce the benefits available fromthe reimbursement of preformation capital expenditures exception to disguised sale treatment, particularly when qualified liabilities are transferred to the partnership. In addition, temporary regulations significantlyrestrict partners. ability to adjust their shares of partnership liabilities with guarantees and other payment obligations in thecontext of the disguised sale rules. The new regulations would also transform the allocation of partnership liability process ingeneral. Bottom dollar payment obligations now have no effect on partners. shares of liabilities. Beyond this specific type of obligation, newly proposed regulations introduce a list of factorsthat will be used to determine whether any payment obligation is recognized as a valid liability under Section 752. As this articleexplains, partnership structures for holding investments must be adapted to achieve the desired results under these rules.
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| IEF | OP 235/2017/34/4-1 (Browse shelf) | Available | OP 235/2017/34/4-1 |
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| OP 235/2017/34/3-1 Apple's tax debacle in Ireland | OP 235/2017/34/3-2 The European Commission's application of the state aid rules to tax | OP 235/2017/34/3-3 Treasury's passive activity interest abuse of power | OP 235/2017/34/4-1 New regulations raise critical issues concerning a partner's share of liabilities and partnership disguised sales | OP 235/2017/34/4-2 Estate of McKelvey v. Commissioner | OP 235/2017/34/4-3 Section 355 and the suffering of closely held corporations | OP 235/2017/34/4-4 Securitization of our nation's forests |
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New Treasury Department guidance has changed the tax landscape forleveraged partnerships. Recently released regulations modify the approach to disguised sales in several important ways. They reduce the benefits available fromthe reimbursement of preformation capital expenditures exception to disguised sale treatment, particularly when qualified liabilities are transferred to the partnership. In addition, temporary regulations significantlyrestrict partners. ability to adjust their shares of partnership liabilities with guarantees and other payment obligations in thecontext of the disguised sale rules. The new regulations would also transform the allocation of partnership liability process ingeneral. Bottom dollar payment obligations now have no effect on partners. shares of liabilities. Beyond this specific type of obligation, newly proposed regulations introduce a list of factorsthat will be used to determine whether any payment obligation is recognized as a valid liability under Section 752. As this articleexplains, partnership structures for holding investments must be adapted to achieve the desired results under these rules.
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