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Tax Home > Resources > Partnerships > Regulation and Administration > AICPA Asks IRS to Withdraw Proposed Section 752 Regs on Disregarded Entities
January 30, 2006
AICPA Asks IRS to Withdraw Proposed Section 752 Regs on Disregarded Entities

The Honorable Eric Solomon

Acting Assistant Secretary (Tax Policy)

U.S. Department of Treasury

1500 Pennsylvania Avenue, N.W.

Washington, DC 20220

 

The Honorable Mark W. Everson

Commissioner

Internal Revenue Service

1111 Constitution Avenue, N.W.

Washington, D.C. 20224

 

Re: Comments on REG-128767-04, Treatment of Disregarded Entities Under Section 752

 

Gentlemen:

 

The American Institute of Certified Public Accountants (AICPA) offers the following comments on the above-mentioned proposed regulation project. These comments were drafted by the Partnership Taxation Technical Resource Panel and approved by the Tax Executive Committee.

 

We believe the Proposed Regulations create (1) unnecessary complexity for taxpayers by providing two separate regimes for determining the allocation of partnership liabilities; (2) uncertainty for taxpayers by allowing a Disregarded Entity to potentially impact the allocation of partnership liabilities; and (3) significant and unnecessary compliance burdens for taxpayers the goals of which can better be addressed through application and/or amplification of the existing Section 752 Anti-abuse Rule. As a result, we recommend that the Proposed Regulations be withdrawn.

 

If you or your staff have any questions, please contact me at tpurcell@creighton.edu; Debbie A. Fields, Chair of the AICPA Partnership Taxation Technical Resource Panel at dafields@kpmg.com; or Marc A. Hyman, AICPA Technical Manager at mhyman@aicpa.org.

 

Sincerely,

 

Thomas J. Purcell, Chair

Tax Executive Committee

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Copyright © 2006 by the American Institute of Certified Public Accountants, Inc., New York, New York.