Charlene S. Soleimani

Dec 9, 2024 | mondaq.com | Michelle Jewett |Daniel Kiely |Isaac Maron |Charlene S. Soleimani

On November 20, 2024, the US Department of the Treasury and the Internal Revenue Service ("IRS") issued final regulations (the "Final Regulations") to allow certain unincorporated organizations owned by specified "applicable entities" to elect out of the partnership tax rules under Subchapter K of the Internal Revenue Code (the "Code").1 The Final Regulations (effective January 19, 2025) and adopt—with modifications—the proposed regulations issued March 11, 2024 to carry out the purposes of...