Examples of 1984 Act in a sentence
Pursuant to the 1984 Act, the Treasury has issued regulations regarding the conditions under which recourse and non-recourse liabilities may be reflected on partner's bases in their partnership interests.
Other items may be allocated on any basis approved in Regulations to be issued, which Regulations are expected to follow the guidelines set out in the Committee Reports on the 1984 Act.
Section 706 of the Code, as amended by the 1984 Act, provides special rules for the allocation of income and loss, and items thereof, to any partner whose interest in the partnership changes during a taxable year, whether by the sale of all or a part of such interest, the entry of a new partner or otherwise.
The general purpose of the 1984 Act amendments to Section 706 is to prevent retroactive allocations of economically accrued deductions to partners who enter a partnership after such accrual.
Such notices shall be given promptly, but in any event within five (5) days of each such patent’s date of issue or receipt of each such notice pursuant to the 1984 Act, whichever is applicable.