Treasury Finalizes Regulations on the Varying Interests Rule Under §70

Kevin Feeley wrote this bylined article on new tax rules for determining the partners‘ distributive shares of partnership items when a partner’s interest varies during the taxable year. “Fortunately, the final regulations generally permit the selection of methods, conventions or additional extraordinary items to be made by a person authorized to make that selection under state law or in the partnership agreement,” Mr. Feely wrote. Read the full article.