United States

Why every private equity and real estate partnership needs to be rewritten

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Reforms of U.S. partnership audit laws will transform the audit landscape for private equity and real estate limited partners and general partners—and require that every partnership agreement be rewritten. Don Susswein, principal in RSM’s Washington National Tax office, talks about the practical implications of the easing of partnership audit rules, why the Internal Revenue Service has been dared to step up its audit game, and how current investors could be making tax liability decisions for former investors.

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