The IRS released a notice Thursday offering partnerships relief from penalties for failures to furnish correct payee statements in certain partnership interest exchanges.
The guidance (Notice 2024-19) offers penalty relief for failure of a partnership with unrealized receivables or inventory items to furnish Part IV of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, to the transferor and transferee in a § 751(a) exchange occurring in calendar year 2023.
This notice lays out what the partnerships must furnish to the transferor and transferee to get relief, and establishes due dates and time ...
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