![]() To be eligible to file an amended return under this relief, a partnership must be one of the following: a holder of residential rental property that chooses to change either or both of their method of depreciation or general asset account treatment for such property, pursuant to section 202 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the TCDTRA), or choosing to make a late section 163(j)(7) (real property trade or business) election. This revenue procedure exercises that authority to allow eligible BBA partnerships to file amended partnership returns and furnish amended Schedules K-1 to their partners. ![]() 31, 2017, unless specifically authorized. After that date, those eligible BBA partnerships must once again follow BBA Administrative Adjustment Request (‘AAR’) procedures (similar relief was granted last year, refer to: our previous alert published on April 8, 2020).īBA Partnerships are generally prohibited from filing amended returns for tax years beginning after Dec. This window of opportunity applies to partnership years that began in 2018, 2019 or 2020, and is open through Oct. ![]() 2021-29, which authorizes the filing of amended returns by a narrow class of eligible BBA partnerships (those subject to the new partnership procedural rules) that were previously prohibited from doing so. ![]()
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