income otherwise allocated to the partners in the If you have any questions or would like assistance adjustment year. Special rules apply to misallocations with your agreements, please contact Alan Tarr in NY between partners. (212.407.4900, atarr@loeb.com) or Tom Lawson in LA The purpose of the new rules is to make it easier to (310.282.2298, tlawson@loeb.com). audit partnerships and collect any related deficiencies. This alert is a publication of Loeb & Loeb and is intended to provide As a result, we expect the new rules will increase such continue an attorney client relationship nor should it be construed as audits. Unfortunately, there are many open questions and much of the implementation of the new rules has information on recent legal developments. This alert does not create or legal advice or an opinion on specific situations. © 2015 Loeb & Loeb LLP.

All rights reserved. been left to future guidance. We will keep you apprised of additional developments. Loeb & Loeb’s Tax Practice JOHN ARAO jarao@loeb.com 310.282.2231 THOMAS N. LAWSON tlawson@loeb.com 310.282.2289 maspinwall@loeb.com 310.282.2377 JEROME L.

LEVINE jlevine@loeb.com 212.407.4950 RYAN M. AUSTIN raustin@loeb.com 310.282.2268 MARY ANN MANCINI mmancini@loeb.com 202.618.5006 LEAH M. BISHOP lbishop@loeb.com 310.282.2353 ANNETTE MEYERSON ameyerson@loeb.com 310.282.2156 sblumenthal@loeb.com 202.618.5009 RONALD C.

PEARSON rpearson@loeb.com 310.282.2230 DEBORAH J. BROSS dbross@loeb.com 310.282.2245 ALYSE N. PELAVIN apelavin@loeb.com 310.282.2298 TARIN G.

BROSS tbross@loeb.com 310.282.2267 JONATHAN J. RIKOON jrikoon@loeb.com 212.407.4844 CHRISTOPHER W. CAMPBELL cwcampbell@loeb.com 310.282.2321 CRISTINE M.

SAPERS csapers@loeb.com 212.407.4262 REGINA I. COVITT rcovitt@loeb.com 310.282.2344 JOHN F. SETTINERI jsettineri@loeb.com 212.407.4851 TERENCE F.

CUFF tcuff@loeb.com 310.282.2181 ALAN J. TARR atarr@loeb.com 212.407.4900 ldeitch@loeb.com 310.282.2296 STUART P. TOBISMAN stobisman@loeb.com 310.282.2323 pfrimmer@loeb.com 310.282.2383 JESSICA C.

VAIL jvail@loeb.com 310.282.2132 RACHEL J. HARRIS rharris@loeb.com 310.282.2175 BRUCE J. WEXLER bwexler@loeb.com 212.407.4081 DIARA M.

HOLMES dholmes@loeb.com 202.618.5012 MARLA ASPINWALL SUSAN G. BLUMENTHAL LINDA N. DEITCH PAUL N.

FRIMMER .