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IRS FAQ offers safe harbor for negative tax basis capital reporting

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Tax Hot Topics newsletterThe IRS has released nine frequently asked questions addressing partnership reporting requirements for negative tax basis capital accounts. The guidance clarifies the information that must be reported, provides details on the relevant calculations and offers a safe harbor that may ease the compliance burden for some partnerships.

For more details, see our Tax Flash.

Contact:
Grace Kim
Principal
Washington National Tax Office 
Grant Thornton LLP
T +1 202 521 1590

Jose Carrasco
Senior Manager
Washington National Tax Office 
Grant Thornton LLP
T +1 202 521 1552

Ryan Nodal
Manager
Washington National Tax Office
Grant Thornton LLP
T +1 202 861 4111

Whit Cocanower
Senior Associate
Washington National Tax Office
Grant Thornton LLP
T +1 202 521 1541

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