New Partnership Audit Rules Explained

Terence Cuff, of counsel at Loeb & Loeb, participated in a video interview at Nareit’s REITwise: 2019 Law, Accounting & Finance Conference in San Antonio.

Cuff discussed areas of concern for partnership representatives under the partnership audit rules, how existing partnerships can assess old partnership agreements, and issues specific to UPREITs and joint ventures that have REITs as partners.

“The audit rules transfer a lot of the tax issues we’ve had in the past from the partner to the partnership,” Cuff said. “It turns out that it’s very possible that many of the REIT-type tax issues are resolved at the partnership level.”