Partnership Level Audit definition

Partnership Level Audit means an examination by the IRS at the partnership level

Partnership Level Audit means an examination by the IRS at the partnership level pursuant to Subchapter C of Title 26, Subtitle F, Chapter 63 of the IRC, as enacted by the Bipartisan Budget Act of 2015, Public Law 114-74, which results in Federal Adjustments.

Partnership Level Audit means an examination by the Internal

Examples of Partnership Level Audit in a sentence

• A Partnership subject to a Partnership Level Audit making an election pursuant to subsection C(3)(a)(iii) shall, within one hundred eighty (180) days of the Final Determination Date, file a State Partnership Adjustment Report with the [State Agency], pay the additional [State] tax owed by Composite Returns Partners and Nonresident Partners, and withhold and remit the tax owed by Withholding Partners.

• A Partnership subject to a Partnership Level Audit shall file, within sixty (60) days of the Final Determination Date, a Federal Adjustments Report that indicates all adjustments to partnership-related items and any reallocations of income, expenses, gains, and losses among partners resulting from that Partnership Level Audit.

• The [State Agency] shall promulgate reasonable rules or regulations as it deems necessary to address special allocations among or between the partners that are affected by the Partnership Level Audit.

• A Partnership subject to a Partnership Level Audit that has made or been deemed to have made an election pursuant to subsection C(3)(a)(ii) shall, within one hundred eighty (180) days of the Final Determination Date, file a State Partnership Adjustment Report with the [State Agency], pay the additional [State] tax owed by Composite Returns Partners, and withhold and remit the tax owed by Withholding Partners.

• This Section C applies only to a Partnership that is subject to a Partnership Level Audit, and the direct and indirect partners of that entity.

More Definitions of Partnership Level Audit

Partnership Level Audit means an examination by the Internal Revenue Service at the partnership

Partnership Level Audit means an examination by the internal revenue service at the partnership level pursuant to subchapter C, title 26, subtitle F, chapter 63, of the Internal Revenue Code, as enacted by the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, and as amended, which results in final federal partnership adjustments initiated and made by the internal revenue service.

Partnership Level Audit means an examination by the Internal Revenue Service at the partnership level pursuant to Subchapter C of Title 26, Subtitle F, Chapter 63 of the federal Internal Revenue Code, as enacted by the Bipartisan Budget Act of 2015, Pub.L.114-74, which results in federal adjustments.

Partnership Level Audit means an examination by the IRS that results in adjustments to Partnership-related items at the Partnership level for the tax year pursuant to Subchapter C of Title 26, Subtitle F, Chapter 63 of the IRC for which the Partnership has not made a qualifying election out pursuant to IRC Section 6221(b).

Partnership Level Audit means an examination by the IRS at the partner-

Partnership Level Audit. MEANS AN EXAMINATION BY THE INTERNAL REVENUE SERVICE AT THE PARTNERSHIP LEVEL PURSUANT TO SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE INTERNAL REVENUE CODE THAT RESULTS IN FEDERAL ADJUSTMENTS.

Partnership Level Audit meanss an examination by the IRS at the partnership level pursuant to Subchapter C of Title 26, Subtitle F, Chapter 63 of the IRC for which the Partnership has not made a qualifying election out pursuant to IRC Section 6221(b) and which results in Federal Adjustments including Reallocation Adjustments and adjustments to partnership-related items or reallocations of income, expenses, gains, and losses among such partners for the Reviewed Year.