On April 10, 2008, in testimony before the US House of Representatives' Small Business Committee, the AICPA proposed changes to the taxation of S corporations, partnerships, the AMT, and estates. It also lent support to pending bills on fiscal year flexibility, cell phones, and preparer penalties. In the S corporation area, the AICPA is advocating a repeal of the LIFO recapture tax. In the partnership area, the AICPA asked for clarification of the new Qualified Joint Venture provision; that a single return be due on technical terminations; that partners be treated as employees in certain circumstances; and that section 118 allow them to exclude contributions of capital.

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