Terence Cuff of Loeb & Loeb LLP joined REIT.com for a video interview at REITWise 2017: NAREIT’s Law, Accounting & Finance Conference in La Quinta, California.
Cuff stressed that partnership rules are constantly changing.
Cuff noted that new partnership audit rules have “absolutely changed the audit landscape.” He added that rules have also been promulgated in the past year dealing with liability in the context of sharing liability and disguised sale rules. There have also been changes in the fractions rule, he noted.
With regard to audit rules, Cuff said he anticipates a need to amend essentially all existing partnership and limited liability company agreements.