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
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
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
2. Application of Self-Employment Tax to Partnership Employees
a. Final and Temporary Regulations
3. Guaranteed Payments for Use of Capital as Qualifying Income
4. Proposed Regulations on Qualifying Income Under Section 7704(d)(1)(E)
c. Louisiana Delegation letter to Secretary Lew
d. Ways and Means Republicans’ letter to IRS and Treasury
g. American Bar Association Tax Section Comments
5. Proposed Regulations under Section 751(b)
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.
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
j. PLR 201619002, issued February 8, 2016; released May 6, 2016. Nitrogen-based fertilizers
l. PLR 201636025, issued May 26, 2016; released September 2, 2016. Regasification of LNG
C. Presentation: Tax Regulatory Developments
VI. Federal Regulatory Issues: FERC
A. Issue Brief
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
XI. Report of the Treasurer
A. Report
B. Budget and Financial Statements
XII. Board of Directors Election
B. Ballot
XIII. Biographies of Speakers