IRS Rulings for Publicly Traded Partnerships Could Resume by May

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The Internal Revenue Service may resume issuing private letter rulings to approve publicly traded partnerships by May, but in the meantime, deals are being postponed, industry representatives and attorneys said.
The IRS didn't formally announce that it would pause issuing PLRs for publicly traded partnerships until the end of March, when Clifford M. Warren, special counsel to the IRS associate chief counsel (passthroughs and special industries), made the announcement at a Washington tax conference. Warren said the IRS was conducting a study on tax issues related to public partnerships, but no conclusion had been made (61 DTR G-6, 3/31/14)(61 DTR G-6, 3/31/14).
Mary Lyman, executive director of the National Association of Publicly Traded Partnerships, said the review will likely take two to three months.

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