Rules on Publicly Traded Partnerships Coming Within Days

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April 30 — The Internal Revenue Service will issue guidance “in a matter of days” governing qualifying income for publicly traded partnerships (PTPs) under tax code Section 7704, a senior agency attorney told tax practitioners.

Curtis G. Wilson, IRS associate chief counsel (Passthroughs and Special Industries), said on April 29 that the bulk of the internal review process for the PTP project is complete and the regulations would be released in “a matter of days, rather than weeks or months.”

He noted that the guidance would come in the form of proposed regulations, giving taxpayers an opportunity to submit public comments before the regulations are finalized.