The document discusses the impact of the Bipartisan Budget Act of 2015 on U.S. federal income tax audits of partnerships, specifically the BBA Rules. It outlines the procedures for tax adjustments at the partnership level and the elective alternative procedure. The document also highlights potential tax liabilities for partners and the need for indemnification. Additionally, it addresses other tax risks associated with investing in the Access Fund, including changes in tax laws and potential tax obligations in various jurisdictions.
doj/DataSet10/EFTA01394147.pdf
{"key_people":["General Partner"],"document_type":"legal","document_subtype":"Partnership Audit Legislation Summary","key_organizations":["Access Fund"]}