The Treasury Department and IRS are making a host of changes in how the corporate book-income tax should apply to partnerships and their partners, one of the hottest subjects surrounding the tax.
The new guidance will allow partnerships and partners to use alternative ways to calculate the amount of a partner’s income from the partnership that is used in calculating the corporate alternative minimum tax, Treasury and the IRS said in a notice Tuesday (Notice 2025-28). The agencies plan to withdraw part of the CAMT regulations they proposed last September as a result, and will propose new regulations ...
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