Preventing Abusive Routine Tax Nonsense Enabled by Rip-offs Shelters and Havens and Instead Promoting Simplicity Act
The bill amends the Internal Revenue Code to improve rules related to partners and partnerships. It modifies the determination of a partner's distributive share, adjusts the basis of partnership property, and repeals certain rules relating to liquidating distributions. It also introduces new rules for partnership terminations, treatment of partnership debt, and codification of anti-abuse rules. The changes apply to taxable years beginning after the date of enactment.
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