Fifth Avenue Private Equity Firm Fights Tax Bill For Partnership

The IRS erred in determining that a New York equity firm’s partners should be on the hook for extra taxes, according to a petition filed with the US Tax Court.

Riverstone Holdings LLC, the tax matters partner of New York-based Riverstone Equity Partners LP, petitioned the US Tax Court on Nov. 5 to contest the finding for its 2016 tax year. Riverstone, a private equity firm that invests in energy, power, and infrastructure, lists its two founders, Pierre Lapeyre and David Leuschen, as limited partners, and Riverstone Holdings LLC as general partner.

Company profits and losses were generally made in ...