Washington, D.C. – August 14, 2017.   The Master Limited Partnership Association (MLPA) filed with the IRS and the Treasury Department on August 11 formal comments on the proposed regulations promulgated on June 14, 2017 relating to the implementation of the partnership audit and adjustment provisions of the Bipartisan Budget Act of 2015 (BBA).  As the only trade association representing MLPs, MLPA focused its comments on the unique issues that the proposed regulations raise for these entities.  The comments emphasize that the “push-out” election of section 6226 should be available to MLPs, and include recommendations to ensure that the conditions imposed on its use not be so great as to make the election impractical.  The comments also include recommendations regarding calculation of the imputed underpayment under section 6225(c).  MLPA looks forward to working with the IRS and Treasury to ensure that the BBA provisions meet the needs of MLPs as well as the government.

For the text of MLPA’s comments, click here.