Transition relief to partnerships, pass-thru entities.

• Position: IRS Update - Brief Article

The IRS and Treasury Department have issued guidance providing limited transition relief for certain partnerships and other pass-thru entities that are subject to IRC Sec. 470.

This new provision addresses leases of property in sale-in, lease-out transactions involving tax-exempt entities by suspending the deduction for "tax-exempt use losses" on "tax-exempt use property."...