CCA 201012048
Partnership Item
ID: CCA_2010022408482637 Number: 201012048
Release Date: 3/26/2010
Office: ---
UILC: 6231.03-00
From: ---
Sent: Wednesday, February 24, 2010 8:48:29 AM
To: ---
Cc: ---
Subject: RE: TEFRA
Section 465 (at risk limitations) do not apply to partnerships. Hambrose v. Commissioner, 99 T.C. 298 (1992). Section 704(d) (limiting losses to amount of basis) does. Agents sometimes conflate or confuse the two terms, but they are separate concepts with only basis limitations applying at the partnership level.
Source: view the official PDF
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