Treasury Finalizes Regulations on the Varying Interests Rule Under §70
Bloomberg BNA Tax and Accounting Center
Kevin Feeley wrote this bylined article on new tax rules for determining the partners' distributive shares of partnership items when a partner's interest varies during the taxable year. “Fortunately, the final regulations generally permit the selection of methods, conventions or additional extraordinary items to be made by a person authorized to make that selection under state law or in the partnership agreement,” Mr. Feely wrote. Read the full article.