Updated almost 4 years ago on . Most recent reply
IRS Audit of GP - causing audit of LP
Just wondering if anyone has actually seen or heard this happening?
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Michael Plaks
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
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I have not dealt with this situation, but what likely happened is that the partnership (syndication) elected out of the centralized partnership audit regime. This election has valid reasons, but its side effect could be what you described.