IRS Puts Private Letter Rulings for Public Partnerships on ‘Pause'

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The Internal Revenue Service will “pause” its issuance of private letter rulings with respect to publicly traded partnerships, an agency attorney said during a panel discussion.
“We are regrouping, we are speaking to our counterparts at Treasury, we are really trying to decide what should the rule be, and perhaps have things gone too far,” said Clifford M. Warren, special counsel to the IRS associate chief counsel (passthroughs and special industries).
Speaking March 28 at the American Law Institute Continuing Legal Education conference, Warren said there was no clear timeline for the IRS to begin issuing rulings again.