The document discusses the implications of the Bipartisan Budget Act of 2015 on U.S. federal income tax audits of partnerships, specifically focusing on the Access Fund. It outlines the changes in audit procedures, potential tax liabilities for partners, and the elective alternative procedure for handling tax adjustments. 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.
documents/vol00010-efta01355001-pdf.pdf
{"document_type":"legal","document_subtype":"tax legislation summary","key_organizations":["Pacific Life Insurance Co","Access Fund"],"reference_numbers":["DB-SDNY-0039672","SDNY_GM_00185856","EFTA01355001"]}