ADMINISTRATIVE, INCOME TAX

REG-108822-25, page 361. The proposed regulations modify information reporting obligations with respect to sales or exchanges of certain interests in partnerships owning inventory or unrealized receivables. Specifically, the proposed regulations would eliminate a regulatory requirement that partnerships furnish partners that bought or sold interests in the partnership certain computational information by January 31 of the year following the calendar year in which the sale or exchange occurred. As a result, the proposed regulations would result in partnerships having additional time (generally, until the due date of the partnership’s return) to compute and furnish such information.