IRS TO ADDRESS PTP TERMINATIONSWashington, D.C. - The Internal Revenue Service plans to issue guidance on technical terminations of a publicly traded partnership resulting in multiple short tax years within one calendar year.

Technical terminations of PTPs resulting in multiple short tax years within a calendar year can cause considerable problems for taxpayers. The IRS said that it is working on the issue through its Industry Issue Resolution Program, and that taxpayers who follow the resulting guidance can avoid time-consuming audits.

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