I.   Schedule

II.   September 16 Membership Meeting Agenda

III. Report of the Executive Director

IV.  Federal Legislative Issues

A. Report of the Federal Affairs Committee Report

B.   Legislative Material

1. Large Partnership Audit Legislation

a.  Balanced Budget Act of 2015-Partnership Audit Provisions

b. PATH Act Passive Loss Provision

c. JCT Blue Book–see p. 70

2. Tax Reform

a.  JCT Tax Expenditures List-December 2015 (MLP items are on p. 31)

b.  Finance Committee Republican staff tax reform report

3.  2015 MLP Parity Act

a.  Text

b.  Section by Section

4.  Partnership provisions in President’s Budget

a. Descriptions in Treasury Department “Green Book” (click here for full text of Green Book)

b. JCT estimate of Administration MLP provision

V.  Federal Regulatory Issues

A. Report of the Regulatory Committee

B.  Regulatory Materials

1.  Partnership Audit Reform

a.   IRS Request for Comments 

b.  MLPA-comment-letter

2.  Application of Self-Employment Tax to Partnership Employees

a. Final and Temporary Regulations

3.   Guaranteed Payments for Use of Capital as Qualifying Income

a. MLPA Comments

4.  Proposed Regulations on Qualifying Income Under Section 7704(d)(1)(E)

a.  Proposed Regulations

b.  MLPA Comments

c.  Louisiana Delegation letter to Secretary Lew

d.  Ways and Means Republicans’ letter to IRS and Treasury

e.  IRS Hearing Notice

f. MLPA Letter to IRS

g. American Bar Association Tax Section Comments

5. Proposed Regulations under Section 751(b)

6.  Proposed Regulations on Partnership Disguised Sales of Property and Treatment of Partnership Liabilities

7. Proposed Rules for Allocation of Recourse Liabilities of a Partnership

8.  Proposed Rules on Partnership Basis Allocation Adjustments for Built-In Losses

9.  Private Letter Rulings Since 2015 Annual Meeting

a. PLR 201541008, issued June 29, 2015; released October 9, 2015.  Fuel Sales

b. PLR 201545020, issued August 5, 2015; released November 6, 2015.  Fluid Services.

c.  PLR 201548013, issued August 5, 2015; released November 7, 2015. Oilfield Services.

d. PLR 201549004, issued May 26, 2015, released November 27, 2015.  Fracking services.  

e. PLR 201549013, issued August 19, 2015;  released November 27, 2015.  Ground leases of real property.

f.  PLR 201602004, issued September 25, 2015; released January 8, 2016.  Fluid services; fluid, solid, and oilfield waste handling, treatment, disposal, and recycling.

g.  PLR 201608011, released February 19, 2016.  Fluid handling and disposal.

h. PLR 201611017, issued  December 2, 2015; released March 11, 2016.  Freshwater distribution, fluid handling and disposal, pressure pumping services

i. PLR 201614004,issued  December 10, 2015; released  April 1, 2016.  Transportation, parking, and hedging income.

j. PLR 201619002, issued  February 8, 2016; released May 6, 2016.  Nitrogen-based fertilizers

k. PLR 201633020, issued April 8, 2016; released August 12, 2016.  Fluid Management and Disposal Services

l.  PLR 201636025, issued May 26, 2016; released September 2, 2016.  Regasification of LNG

m. PLR 201636039, issued June 8, 2016; released September 2, 2016.  Interest Rate Swaps and Other Financial Transactions

n.  PLR 201637007, issued June 13, 2016; released September 9, 2016. Fluids, Solids, and Oilfield Waste Services.

C.   Presentation:  Tax Regulatory Developments

VI.  Federal Regulatory Issues: FERC

A. Issue Brief

B.  2005 FERC Policy Statement

C.  2007 ExxonMobil Decision

D.  United Airlines v. FERC

VII.   Christine Tezak Presentation on Energy Issues

VIII.  State Affairs Report

A.  Report

B. Conference Presentation:  Partnership Audit Rules at the State Level

IX.  Public and Investor Relations Committee Report-2016

X.    Membership Report

XI.  Report of the Treasurer

A. Report

B.  Budget and Financial Statements

XII.  Board of Directors Election

A.  Report and Information

B.   Ballot

XIII. Biographies of Speakers