Proposed regulations from the IRS this week would modify information-reporting obligations for Part IV of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, concerning sales or exchanges of certain interests in partnerships owning inventory or unrealized receivables.
The proposed regulations would remove Regs. Sec. 1.6050K-1(c)(2), thereby eliminating the requirement that partnerships furnish the information reported in Part IV of the Form 8308 by Jan. 31 of the year following the calendar year in which a Sec. 751(a) exchange occurred.
The proposed regulations would also remove the reference to a “completed copy of Form 8308” and replace it with a reference to “a copy of Form 8308 filled out in accordance with the instructions to the form.” Learn more.