Examples of Revised Partnership Audit Procedures in a sentence
The Manager shall be the “tax matters partner” (as defined in Code Section 6231(a)(7)) and, for any taxable year of the Company for which the Company is subject to the Revised Partnership Audit Procedures, the Manager (or its designee) shall be the “partnership representative” (the tax matters partner or the partnership representative, as applicable, the “Tax Matters Representative”).
If the General Partner is the Partnership Representative, then prior to any voluntary withdrawal, sale, transfer, or assignment by the General Partner, it shall resign as Partnership Representative and designate the successor General Partner as the replacement Partnership Representative and shall take all necessary actions to effectuate its resignation in accordance with the Revised Partnership Audit Procedures.
For tax years beginning on or after January 1, 2018, Operator, or such other Person designated by the Board of Managers, shall serve as the “partnership representative” (the “Partnership Representative”) as provided in Code Section 6223(a) pursuant to the Revised Partnership Audit Procedures.
The Designated Individual may be removed by the Managing General Partner at any time permitted by the Revised Partnership Audit Procedures, and shall resign if directed to do so by the Managing General Partner.
For all Partnership taxable years beginning on or prior to December 31, 2017, the Partnership Representative shall have the duties of a “tax matters partner” (as in effect prior to the effective date of the Revised Partnership Audit Procedures) as required by the Code.