The "Small Partnership" Exception: The Best Tax Simplification in a Half Century Is In Jeopardy

Date
2017-02-17
Authors
Harl, Neil
Major Professor
Advisor
Committee Member
Journal Title
Journal ISSN
Volume Title
Publisher
Altmetrics
Authors
Research Projects
Organizational Units
Journal Issue
Series
Department
Iowa State University Digital Repository
Abstract

In an unbelievably sneaky fashion, a group of unhappy tax practitioners in late 2015 managed to pull enough strings to repeal, effective after 2017, a 34-year old statute that resulted from the “tax shelter” efforts of the 1970s.1 The statute was buried in a well camouflaged fashion in the Bipartisan Budget Act of 2015,2 and passed with no debate, no hearings and no notice that a key tax provision for many farm and ranch businesses was in grave danger. The statute has provided a much simpler way to file income tax returns without filing a Form 1065 and without enduring the huge penalties that often accompany a slightly incomplete Form 1065.

Comments
Description
Keywords
Citation
DOI
Source
Collections