Rules Expected on Discharges of Indebtedness Income of Partnerships

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A senior IRS official points to a long list of active regulatory projects in the partnership taxation arena and tells tax practitioners to soon expect final rules dealing with discharges of indebtedness income of partnerships and their partners. Curtis G. Wilson, IRS's associate chief counsel (passthroughs and special industries), says his office is working with the Treasury Department to finalize regulations under tax code Section 108(e)(8). He does not say when the final regulations would be released, but notes it will be “one of the next things you will see from our office.’’