The IRS Office of Associate Chief Counsel, Passthroughs and Special Industries, recently announced the lifting of its self-imposed ‘‘pause’’ in issuing private letter rulings (PLRs) to certain master limited partnerships (MLPs).
The pause had been in effect for approximately one year (the MLP Pause). The IRS also confirmed that proposed regulations are expected to follow, which will provide guidance concerning qualifying income from services under §7704. The MLP Pause stands in stark contrast to another self-imposed IRS ‘‘pause’’ in issuing certain PLRs for regulated investment companies (RICs) involving commodity-based investments; a pause that has remained in effect for almost four years (the RIC Commodity Pause).
Read the full article >>