The document discusses the implications of the Bipartisan Budget Act of 2015 on U.S. federal income tax audits of partnerships, known as the BBA Rules. It outlines how audits will be conducted at the partnership level and the potential tax liabilities for partners if the partnership does not elect an alternative procedure. The document also highlights other tax risks associated with investing in the Access Fund, including adverse changes in tax laws and the possibility of substantial taxation.
doj/DataSet10/EFTA01394549.pdf
{"key_people":["Lawrence Hirsch"],"document_type":"legal","key_locations":["U.S."],"document_subtype":"Partnership Audit Legislation Summary","key_organizations":["Access Fund"],"reference_numbers":["GLDUS140"]}